Central Bank of Armenia does not see any reasons for dram revaluation

29.12.2009 16:07
Central Bank of Armenia does not see any reasons for dram revaluation

YEREVAN, December 29. /ARKA/. Central Bank of Armenia doesn’t see any reasons for possible revaluation of national currency”, said Artur Javadyan, Chairman of the Central Bank of Armenia.

“According to fundamental indicators of economy, there are no pre-conditions for abrupt revaluation of dram”, said Javadyan during the on-line conference in the site www.armbanks.am. Usually, the rate deviates from balance due to short-term, speculative or philological factors which recently can be observed in the Armenian market.

Central Bank of Armenia will follow the policy of floating exchange rate when the rate is defined by the ratio of demand and supply. CB can create additional demand or supply through buying currency only for smoothening abrupt variations of the rate.

“Interventions in the currency market can vary – CB had not only sold currency but, for example last year CB bought it for avoiding abrupt rise in the cost of dram”, he said. --0--


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