YEREVAN, September 14. /ARKA/. Chairman of Armenia’s Union of Banks Ashot Osipyan said the situation around the exchange rate in Armenia is stable.

“In May-June exchange rate’s rise was of a speculative origin. Today the situation is stable due to the effective agricultural year,” Osipyan responded to ARKA news agency’s questions at the press conference.

He clarified that export of agricultural products makes up a major share in the total export, ensuring AMD stability. Osipyan also said that while making forecasts it is necessary to heed the historical tendencies.

“We can see that at any year’s out import grows more, thus having its impact,” he added.

From early May to September 13 AMD devalued against USD by 17.6 points or nearly 4.5% ( from 392.06 to 409.62 drams). From August 13 to September 13, however, AMD/USD exchange rate is stable, teetering within 413-409 drams per $1.—0-