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US DOLLAR'S EXCHANGE RATE IN ARMENIA OVERVALUED, BUT IT WILL BE DROPPING- CENTRAL BANK CHAIRMAN SAYS
YEREVAN, December 17. / ARKA /. The exchange rate of the US Dollar
in Armenia is currently overvalued 'because of speculative currency
trading and panic at the market," but it will be declining, the
chairman of the Central Bank Artur Javadyan said today at a news
conference.
The dramatic depreciation of the dram continues. The exchange offices
were buying the greenback today at 560 drams and selling at 580 drams,
up from the official rates set by the regulator.
According to Javadyan, the real price of the USD in Armenia will be
known after the causes behind its appreciation are eliminated. The
head of the Central Bank refused to say when this may happen.
"The national currency will be regaining its value, but the timing
depends, inter alia, on the behavior of the population in the market
that creates an unreasonable panicky background", he said.
Javadyan noted that the panic in the market is caused by deepening
financial crisis in Russia, the main source of vital cash remittances
to Armenia. He warned financial market players against speculative
currency trading saying it can lead to large financial losses.
According to him, the situation was similar in neighboring Georgia,
but there the panic passed quickly enough, and the situation has
stabilized.-0-
http://arka.am/en/news/economy/us_dollar_s_exchange_rate_in_armenia_overvalued_bu t_it_will_be_dropping_central_bank_chairman_says/#sthash.8z8Zci7D.dpuf
YEREVAN, December 17. / ARKA /. The exchange rate of the US Dollar
in Armenia is currently overvalued 'because of speculative currency
trading and panic at the market," but it will be declining, the
chairman of the Central Bank Artur Javadyan said today at a news
conference.
The dramatic depreciation of the dram continues. The exchange offices
were buying the greenback today at 560 drams and selling at 580 drams,
up from the official rates set by the regulator.
According to Javadyan, the real price of the USD in Armenia will be
known after the causes behind its appreciation are eliminated. The
head of the Central Bank refused to say when this may happen.
"The national currency will be regaining its value, but the timing
depends, inter alia, on the behavior of the population in the market
that creates an unreasonable panicky background", he said.
Javadyan noted that the panic in the market is caused by deepening
financial crisis in Russia, the main source of vital cash remittances
to Armenia. He warned financial market players against speculative
currency trading saying it can lead to large financial losses.
According to him, the situation was similar in neighboring Georgia,
but there the panic passed quickly enough, and the situation has
stabilized.-0-
http://arka.am/en/news/economy/us_dollar_s_exchange_rate_in_armenia_overvalued_bu t_it_will_be_dropping_central_bank_chairman_says/#sthash.8z8Zci7D.dpuf