YEREVAN, May 26. /ARKA/. The Armenian dram rate is quite stable, head of financial system development and stability at the central bank Andranik Grigoryan told reporters on Tuesday.

Economic recovery slowed down in all partnering countries, including the European countries, by the end of 2014, which influenced Armenia’s rate fluctuations in particular, he said.

Grigoryan also said that rate fluctuations in Armenia are tied not only to the Russian market where certain strengthening of ruble is seen today.

“Yet, in general, the rate is seen to be stable now, and I don’t think all developments happening in the Russian market must necessarily have impact on the Armenian one,” Grigoryan said.

According to the National Statistical Service, the Armenian dram depreciated by 14.1% in December 2014, compared to the same month of 2013. Sharp depreciation of forex rates started in Armenia on November 24, 2014, when dollar rate climbed by 16.6 points to 435 drams per $1, and continued hitting new records.

Armenian dram started strengthening after the central bank took measures to stabilize the foreign currency market, but the forex rates showed certain volatility for some time. Today average weighted dollar rate is 478.32 drams per $12 in Armenia. –0—