Precipitous devaluation of Armenian dram triggered by global recession

09.11.2009 09:33
Precipitous devaluation of Armenian dram triggered by global recession

YEREVAN, November 9. /ARKA/. Precipitous devaluation of Armenian national currency on March 3 was triggered by the global recession and the loans taken from international organizations, Armen Melikyan, director general of NASDAQ OMX Armenia Stock Exchange, said Friday in an interview with ARKA News Agency.

 In his opinion, the policy pursued by the Central Bank of Armenia before March 3 was reasonable and it would be better to remain stuck to this policy two years longer.

However, the global recession and the loans extended to the country by foreign organizations weakened the national currency and forced the Central Bank to act this way.

The head of the stock exchange thinks that the Central Bank’s deals on the foreign market were prompted by its commitment to ensure financial stability.

Melikyan said that forex transactions are mainly concluded on intra-banking market.

In particular, deals worth $9 million are concluded on intrabank market, up to $1 million on interbank market and $1 million and more on the stock exchange every day.-0---


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