Armenian central bank’s interventions amount to $100 million

31.10.2017 11:12
Armenian central bank’s interventions amount to $100 million

YEREVAN, October 31. /ARKA/. Armenia’s Central Bank's intervention in the local foreign exchange market since the beginning of the year has amounted to $100 million so far, Arthur Javadyan, chairman of the Central Bank, told journalists on Monday.

"We continue the policy of a floating exchange rate, and since the beginning of the year we have poured more than $100 million in dram equivalent into the economy. We bought currency in the market contributing to economic growth and inflation in order to prevent deflation," Javadyan said.

He noted that the Central Bank did not allow excessive revaluation of the national currency in order to exclude its subsequent possible negative impact, including on Armenian exports.

Javadyan said also that inflation will not exceed 2% by the end of 2017. According to him, at the moment, the 12-month inflation is 1.7%, which is very low, and by the end of 2017 it will grow to 2.5%-2.6%, which is also not a threat to the economy.

"The low inflationary environment is the best factor for ensuring stable economic growth. We have low inflation, which corresponds to the best world standards, and in comparison with other countries of the region the situation in Armenia is quite successful," Javadyan said, saying that in Azerbaijan inflation at the moment is already 13%. -0-

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