Armenian dram devaluating on seasonal corrections and Russian ruble depreciation expectations

25.02.2014 15:38
Armenian dram devaluating on seasonal corrections and Russian ruble depreciation expectations

YEREVAN, February 25. /ARKA/. Armenian dram tends to depreciate due to seasonal corrections in the country’s balance of payments and expectations for Russian ruble devaluation, member of board of the Central Bank of Armenia Artur Stepanyan said.

Stepanyan said the Central Bank is closely watching the global developments and their impact on Armenia’s economy.

Many developing countries, apart from China, have recorded a slow-down in economy growth and devaluation of local currencies as the US demonstrate good economic growth and the Fed is reducing its expansionary policy, Stepanyan said.

The member of the CB board also said the preliminary information for January-February shows no negative changes are recorded in transfers and exports and dram devaluation is within norms.
Private transfers grew by about 10% in January and the first half of February 2014, which is comparable with the 2013 levels, according to preliminary data.

The Central Bank says Armenian dram started depreciating in the beginning of 2014. The dollar versus dram rate was 405.95drams per $1 on the first working day of this year, January 8, and is 412.81 today.–0--


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