No significant fluctuations expected at Armenian forex market

04.12.2017 14:22
No significant fluctuations expected at Armenian forex market

YEREVAN, December 4. /ARKA/. Although the dollar will continue its upward motion and the euro will remain unchanged, no sharp exchange rate fluctuations are expected in Armenia, Gagik Makaryan, head of the Union of Armenian Employers, said on Friday.

In his opinion, it is possible to withstand fluctuations at foreign exchange market and the price hikes expected to strike the country after January 1 only by ensuring a high economic growth to the country.

At the same time, the expert said that the Central Bank of Armenia states that it pursues a floating exchange rate policy, but, in fact, it is curbing the dollar from going up.

“Very often the central bank has no option but to do this, since otherwise money will flow abroad driving inflation rate up worsening social things that are already desperate in the country,” he said.

According to official reports, inflation in Armenia stood at 0.7% in Jan-Oct 2017.

In the beginning of the year the US dollar was up, at 486.01 drams per one dollar, and only in summer it started going down – in June it slid to 483.36 drams and in September to 478.24 drams.

In October and early November, the dollar was constantly growing and hit its year record on November 9, when it traded at 487.30 drams.

On November 30, the US dollar traded at 484.30 drams, on average. --0---


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