YEREVAN, December 27. /ARKA/. Armenia’s reserves are sufficient for prevention of financial instability, Armenian president Serzh Sargsyan said at a New Year reception in the central bank.

Foreign currency rates started devaluating in Armenia on November 24 when the dollar versus dram rate jumped by 16.6 points to 435 drams per $1. On December 17, the rate surged by another 36.86 points to 527.20 drams per $1, having hit the ten-year high. On December 18 the rate began stabilizing after the respective measures taken by the central bank. On Friday December 26, the rate was 461.58 drams per $1.

The president spoke about the recent developments in the forex market, the impact they had on the economy, the successful measures, as well as about the future plans.

“Armenia has sufficient reserves, the will and the desire to guard against financial instability in the country”, Sargsyan said.

The president stressed the importance of concerted efforts in facing challenges in the modern world, and reminded of successful operations of Armenia’s banking system in the previous crisis when many countries came across serious problems.

There is every opportunity today to solve the existing problems and to maintain financial stability, Sargsyan said. –0—