YEREVAN, December 15. /ARKA/. The Eurasian Development Bank (EDB) expects that the average annual exchange rate of the US dollar in 2024 against the Armenian dram will be 414 drams.

"Several factors will contribute to the gradual depreciation of the Armenian dram compared to the current year,’ the Kazakhstan-based bank said in a macroeconomic review.

These factors are the adjustment of the growth rates of exports of goods and services in 2024 after strong performance in 2022-2023, the outpacing growth dynamics of imports in the context of continued high domestic consumer and investment demand, devaluation expectations due to the geopolitical situation, lower money market rates and slower economic growth rates," the bank said.

The EDB  noted that the inflow of remittances, foreign capital and steady growth of tourist activity will support the national currency, but despite this, the value of Armenian dram will slightly decrease.

In October 2023, the average exchange rate of the US dollar to dram was AMD 404.3, which was 0.4% higher than in October 2022.  -0-