UAB chairman doe snot expect drastic exchange rate fluctuations

02.04.2010 19:10
UAB chairman doe snot expect drastic exchange rate fluctuations

YEREVAN, April 2, /ARKA/. Ararat Ghukasian, chairman of the Union of Armenian Banks (UAB), downplayed today forecasts that Armenian national currency, the dram, will continue to weaken against USD and other hard currencies this year, saying he does not expect sharp fluctuations of the exchange rate.

‘Any forecasts, in the long run, is just a supposition based on facts. In my view the exchange rate of Dram will be between 380-400 per one USD this year,’ he said to a press conference today, recalling that just 10 days ago the Dram traded at 412-415 per one USD, but then dropped to 400

‘In general, if devaluation proceeds gradually it is normal and typical of Armenian economy,’ he said.  -0-


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