Former head of Armenia’s Central Bank says dram’s depreciation within acceptable frameworks

10.11.2011 14:37
Former head of Armenia’s Central Bank says dram’s depreciation within acceptable frameworks

YEREVAN, 10 November. /ARKA/. A former head of Armenia’s Central Bank, Bagrat Asatrian, said latest fluctuations of Armenian national currency, the dram, are within the acceptable frameworks. In an interview with ArmNews TV he said dram’s devaluation did not go beyond logical framework.

"I do not think there are grounds to worry about. I hope that the Central Bank will not intervene to prevent dram’s devaluation," he said.

He added that fluctuations are within 2-3 percentage points. According to Asatrian, the depreciation of the dram will not affect inflation, as dram has lost only a few percents of its value, and this phenomenon is temporary.

According to the National Statistical Service of Armenia, in October 2011, the average exchange rate of one USD was 376.45 drams, 4.5% higher than last year's October when one USD traded at 360.28 drams. -0-


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