EXCHANGE RATES PROVIDED BY ARMENIAN CB NOW CALLED "AVERAGE EXCHANGE RATES FORMED ON FOREIGN EXCHANGE MARKET"

ARKA News Agency, Armenia
Oct 20 2006

YEREVAN, October 20. /ARKA/. The exchange rates published by the
Central Bank of Armenia are called "average exchange rates, formed
on the foreign exchange market" from now on. The CBA press service
reported that this is due to the fact that the society has a false idea
that the previous name "average exchange rate of the CBA" is exactly
the exchange rate that is established by the Central Bank itself.

At the same time, the procedure of establishing the exchange rates has
not undergone any changes. They are still established on the basis
of average exchange rates, formed during interbank, intra-bank and
stock exchange transactions.

Since 1994, Armenia has remained adherent to the policy of floating
exchange rate.