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Things are Looking Up: Armenia's Central Bank Stops Dollar Interventions in Currency Market
The Central Bank of the Republic of Armenia last week did not intervene in the currency market. This was the first time in eight weeks that the Central Bank did not enact measures to stabilize the exchange rate.
Moreover, last week, the Central Bank purchased $1 million USD from the currency market at a value of 412.03 Armenian dram (AMD) to the dollar. This is indirect evidence that there is no decline in the currency market. Recall, since the start of this year, Armenia's Central Bank sold about $120 million USD to prevent a sharp depreciation of the Armenian dram in February and March.
Last week, the Armenian dram appreciated to the US dollar.
The official rate of the dram to the dollar dropped by 0.33%, from 414.28 AMD to 412.9 AMD.
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