YEREVAN, July 29. /ARKA/. The average annual exchange rate of the dram to the US dollar is projected at 396 in 2024, a macroeconomic forecast by the Eurasian Development Bank revealed on Monday.

Inflows of money transfers, strong exports, and stable tourist activity will support the national currency this year, the EDB believes. In the medium term, several factors will contribute to some depreciation of the Armenian dram, including the adjustment of export growth rates, devaluation expectations due to geopolitical situations, lower interest rates in the money market, and slower economic growth rates, the forecast said.

The average market exchange rate of the US dollar to the Armenian dram stands at 387.65 drams, as of July 26, 2024. The euro rate stands at 420.02 drams, and one Russian ruble can be sold for 4.53 drams.