AZG Armenian Daily #125, 08/07/2005

Finances

DEVALUATION OF EURO AGAINST DOLLAR TO CONTINUE

The devaluation of Euro against USD that took place during the recent months
in the international financial market stopped. As during the last few days,
one Euro cost $1,19. According to the forecast of the leading mass media,
devaluation of Euro will continue in July and August and will reach
1,10-1,15 point. In Yerevan, 1 USD can be bought at 438 AMD and sold at
441-443 AMD. While 1 Euro can be bought at 520 AMD and 530-535 AMD.

Notwithstanding the fact that Euro is devaluated against Dollar, the
national currencies in the Armenian, Azeri and Georgian markets are gaining
value against USD.