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Exchange market

HSBC BANK CEO says armenian economy dollarization level is 65 percent

10.05.2012

YEREVAN, May 10. /ARKA/. The level of Armenian economy’s dependence on U.S. Dollar (dollarization) is about 65%, according to Chief Executive Officer of HSBC Bank Armenia, Astrid Clifford. Speaking at a news conference today she said the ratio of savings deposits in foreign currency to deposits in the national currency, the dram, is 65% to 35%.

She said after the Central Bank changed the mandatory reservation norms as part of a plan to enhance confidence in the national currency (now the minimum amount of mandatory reserves placed in the central bank for financial resources in foreign currencies, which make up 12%, all 12 percent must be reserved in drams. Previously 9 percent were to be reserved in drams and 3% in foreign currencies) the rates on deposits saw some growth but later the situation stabilized. She said by enforcing this requirement the Central Bank aimed to push for the drop in interest rates on dollar deposits, which is supposed to be an incentive for people to have their savings deposits in the national currency.

She said HSBC Bank Armenia has already reduced interest rates on deposits in drams to 9% and those on deposits in USD to 3%.
According to the Central Bank of Armenia, the level of Armenian economy’s dollarization (the ratio of deposits of residents in foreign currency to the country’s money supply) was 43.6% at the end of February 2012, a 0.1 percentage point decrease compared with January.

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Tags: Astrid Clifford, Banks, HSBC Bank Armenia

Armenian dram depreciates 0.7% against U.S. dollar in April

08.05.2012

The National Statistical Service of Armenia says Armenian dram increased against U.S. dollar by 0.7% in April of this year from March at 0.6% tumble in consumer prices.

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Tags: Armenia, DOLLAR, DRAM

Trading in USD at NASDAQ OMX Armenia stock exchange slashes by 70 percent

08.05.2012

Trading in USD at NASDAQ OMX Armenia stock exchange slashes by 70 percent.

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Tags: Armenia, EXCHANGE, NASDAQ

Armenia: Forex market review for May 2 – 4

07.05.2012

Last week, the average exchange rate of U.S. dollar at NASDAQ OMX Armenia stock exchange rose by 0.09% to 392.35 drams with overall trading amounting to 3.85 million U.S. dollars

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Tags: Armenia, Exchange market, NASDAQ OMX, RATE

Armenia’s commercial banks purchased $62.7 mln last week

07.05.2012

Armenia’s banks purchased nearly $62.7 million at 391.4 per $1 average weighted rate within May 2-4 in intra-banking market of foreign currency, the press service of Armenia’s Central Bank reports on Monday

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Tags: Armenia, CBA, COMMERCIAL BANKS

Armenia’s banks gain over $83.9 mln at intra-bank foreign currency market last week

04.05.2012

Armenian banks gained nearly $83.9 million at 391.84 drams per $1 average weighted rate last week (23-28 April) at intra-bank market of foreign currency, Armenia’s Central Bank reports ARKA

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Tags: Armenia, bank, Exchange market

Armenia: Forex market review for April 23-28

02.05.2012

YEREVAN, May 2. /ARKA/. Last week, the U.S. dollar’s average exchange rate at NASDAQ OMX Armenia stock exchange dropped by 0.08% to 392.00 drams.
The weekly trading amounted to 13.235 million U.S. dollars, which was 0.04 % less compared to the week earlier. The average selling rate of cash dollar lost 0.04% and on Sunday, April [...]

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Tags: Analytics, Armenia, Exchange market, Forex

Armenian banks bought over $85 million at local Forex market on April 16-20

25.04.2012