YEREVAN, December 18. / ARKA /. The US Dollar and Euro began losing their value today against Armenia’s national currency, the dram, after yesterday’s statement by Central Bank chairman Arthur Javadyan.

More precisely, the exchange offices in Yerevan are selling the greenback at 480- 500 drams and buying it at 450-480 drams, by 100 points down from December 17.

The official exchange rate of the US Dollar set by the regulator jumped 36.86 points yesterday to 527.20 drams, updating the 10-year high. At the stock exchange it traded even higher at 560 drams. The euro is also losing its value against the dram with banks selling it today at 600-620 drams and buying at 540-570 drams.

On December 17 the official exchange rate of euro shot by 42.74 points to 656.94 drams, while exchange offices were selling it at 700 -720 drams and buying at 650-680 drams.

Speaking at a news conference on December 17 Javadyan said the exchange rates of hard currencies were overvalued in Armenia adding that they would drop. He blamed the dramatic drop in the exchange of dram on speculative currency trading and panic in the financial market.

In a yesterday statement prime minister Hovik Abrahamyan said the government is not going to give up the floating exchange rate of the dram ‘that helps protect the economy from the long-term instability.’ -0-