Armenia’s central bank warns commercial banks against refusing to sell forex

18.03.2010 14:45
Armenia’s central bank warns commercial banks against refusing to sell forex

YEREVAN, March 18, /ARKA/. Armenia’s Central Bank warned Wednesday it would process cases against those commercial banks which would refuse to sell foreign currency to citizens.

The Central Bank’s press office said it has information that some commercial banks refused to sell forex throughout the day motivating it by expectations of further depreciation of the national currency Dram.

‘Those citizens who wanted to buy forex from commercial banks but were denied may officially lodge their complaints to the Central Bank that will process cases against these banks,’ the Central Bank told ARKA.

The Central Bank of Armenia decided in 2009 March, when Dram traded at 305 per one USD, to return to the floating exchange rate of Armenian currency. Since then Dram has been losing in value. Yesterday it traded at 400.1 per one USD. -0-


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