Central Bank of Armenia Decides to Stabilize a Falling Dram
Concerned over the increasing devaluation of the Armenian Dram vis-à-vis the US Dollar, the Central Bank of Armenia (CBA) today announced it will intervene in the foreign exchange market.
"The Central Bank of Armenia continues to monitor the financial markets. If necessary, it will use all the instruments available in its toolkit to ensure price and financial stability," the Central Bank said, without providing specifics.
The dollar has been rising steadily over the past two months.
According to the latest data published on the official website of the CBA, on November 23, the average exchange rate of the US dollar was 505.32 drams, an increase of 2.10 drams from the previous working day.
The dollar has been rising since September 29, two days after the war in Karabakh.