Armenian dram sheds against dollar and euro in 1st Q 2014

27.05.2014 18:08
Armenian dram sheds against dollar and euro in 1st Q 2014

YEREVAN, May 27. /ARKA/. The Armenian dram fell 1.86% against the U.S. dollar over the first quarter of this year, and the dollar then traded at 413.31 drams, on average, the Central Bank of Armenia says in its 2nd Q monetary policy program and 1st Q monetary policy performance report.

The dram also dropped 1.82% against the European currency (the euro traded at 569.91 drams in late March), but rose 6.42% against the Russian ruble (11.69 drams per one ruble).

The gross amount of dollar-dram transactions was $2.3 billion in the 1st Q 2014 – 11.5% less than at the same period a year before.

Transactions with euros totaled €192.7 million in the 1st Q 2014 against €231.8 million in the 1st Q 2013.

To mitigate sharp fluctuations of the dram-dollar exchange rate, the central bank sold $132.9 million at the forex market over the 1st Q 2014. ($1 – AMD 413.36). -0----


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