06.03.2014 18:29
YEREVAN, March 6. / ARKA /. Armenia’s national currency, the dram, was showing a clear devaluation trend in January and February this year, despite all the efforts of the Central Bank to hold it back.
On January 8 (the first working day of the year) one greenback traded at 405.95 drams; in February the exchange rate rose to 411.5 drams, an increase of 1.1 percent. On March 6, the average exchange rate of U.S. dollar stood at 414.66 drams, a 2.1 percent rise from the beginning of the year.
In an effort to stabilize the situation and support the dram, the Central Bank in February sold $61.5 million at the local forex market, including approximately $23.9 million in the last week of the month.
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