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DRAM DETHRONED: UNCERTAINTY RISES AMONG TRADERS AS NATIONAL CURRENCY LOSES MORE GROUND
ECONOMY | 16.12.14 | 14:11
GOHAR ABRAHAMYAN
ArmeniaNow intern
The dram's continuing depreciation has resulted in increased demand
for dollars today as queues were reported at Armenian commercial
banks, with many citizens hoping to convert their savings into hard
currency. The situation has also affected some businesses as certain
traders reportedly suspended sales awaiting more stability in the
currency market.
Many exchange offices in Yerevan today did not sell dollars and Euros,
saying that they have no foreign exchange, while those who did sold
1 USD for 550 drams, as of afternoon.
While the exchange rate at commercial banks is lower, they have some
restrictions. ArmeniaNow witnessed that commercial banks sell only
fixed amounts of dollars and only to citizens who have accounts there.
They do not sell more than $1,000 per customer, though.
Yerevan trade centers also appear to be in panicky moods. In
particular, at Yerevan's Surmalu wholesale and retail trade market
vendors refuse to trade since early morning today, saying that the
dollar rate is going up with each hour and they incur huge losses by
selling items in drams.
"Almond was 7,500 AMD (about $13) half an hour ago, but now it is 8,000
(about $14), what shall we do? We are losing, we'd better close and
not trade at all than not be able to import anything anymore later,"
a trader at Surmalu told ArmeniaNow.
The Armenian Central Bank (CB) on Monday said that on December 15
it sold $4 million at an average rate of 494.46 AMD per dollar,
the marginal rate was 493.00 AMD per dollar.
The CB earlier said that from December 9 to 31 the CB Bureau of
Financial Control will realize check-ups at currency exchange offices
in order to clarify the correspondence of exchange offices' activities
with the Armenian law, however no announcements have been made yet.
http://armenianow.com/economy/59395/armenia_dram_dollar_exchange_rate_trade_centers
From: Emil Lazarian | Ararat NewsPress
ECONOMY | 16.12.14 | 14:11
GOHAR ABRAHAMYAN
ArmeniaNow intern
The dram's continuing depreciation has resulted in increased demand
for dollars today as queues were reported at Armenian commercial
banks, with many citizens hoping to convert their savings into hard
currency. The situation has also affected some businesses as certain
traders reportedly suspended sales awaiting more stability in the
currency market.
Many exchange offices in Yerevan today did not sell dollars and Euros,
saying that they have no foreign exchange, while those who did sold
1 USD for 550 drams, as of afternoon.
While the exchange rate at commercial banks is lower, they have some
restrictions. ArmeniaNow witnessed that commercial banks sell only
fixed amounts of dollars and only to citizens who have accounts there.
They do not sell more than $1,000 per customer, though.
Yerevan trade centers also appear to be in panicky moods. In
particular, at Yerevan's Surmalu wholesale and retail trade market
vendors refuse to trade since early morning today, saying that the
dollar rate is going up with each hour and they incur huge losses by
selling items in drams.
"Almond was 7,500 AMD (about $13) half an hour ago, but now it is 8,000
(about $14), what shall we do? We are losing, we'd better close and
not trade at all than not be able to import anything anymore later,"
a trader at Surmalu told ArmeniaNow.
The Armenian Central Bank (CB) on Monday said that on December 15
it sold $4 million at an average rate of 494.46 AMD per dollar,
the marginal rate was 493.00 AMD per dollar.
The CB earlier said that from December 9 to 31 the CB Bureau of
Financial Control will realize check-ups at currency exchange offices
in order to clarify the correspondence of exchange offices' activities
with the Armenian law, however no announcements have been made yet.
http://armenianow.com/economy/59395/armenia_dram_dollar_exchange_rate_trade_centers
From: Emil Lazarian | Ararat NewsPress