Armenia's central bank planning operations in the country's currency market in order to ensure normal functioning of financial markets - EXCLUSIVE

24.11.2020 14:43
Armenia's central bank planning operations in the country's currency market in order to ensure normal functioning of financial markets - EXCLUSIVE

YEREVAN, November 24. /ARKA/. The Central Bank of Armenia plans to conduct operations in the country's currency market in order to ensure the normal functioning of financial markets, Harutyun Berberian, spokesman for the Central Bank of Armenia, told ARKA News Agency on Tuesday.

The average market rate of the US dollar against the Armenian dram, formed on the Armenian foreign exchange market on November 23, increased by 2.1 drams, compared to November 20, to 505.32 drams (as of September 24, $ 1 - 485.32 drams). The euro exchange rate, as of November 24, exceeded the historical maximum of 600 drams, which was last recorded on February 2, 2018 after a 13-year break.

"The Central Bank of Armenia continues to monitor financial markets and, if necessary, will use all available instruments to guarantee prices and financial stability," Berberian said.

On November 20, the Central Bank of Armenia announced that it sees no significant risks in connection with the devaluation of the Armenian dram, constantly monitoring macroeconomic developments, including fluctuations in the exchange rate. The country continues to record low, stable and manageable inflation. Thus, the central bank does not see serious risks for inflation and financial stability.

The Central Bank called the developments in the foreign exchange market normal and commensurate, and in the event of inflationary risks emerging, it is ready to respond to that with all available instruments, first of all, using its main instrument - the refinancing rate.

In addition, since March 2020, the Central Bank has increased the volume of providing both dram and foreign exchange liquidity to the financial system, which significantly contributed to mitigating the impact of possible shocks on financial markets.

The board of the central bank will present the next results of the revision of the refinancing rate on December 15th. –0--


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