SETTLEMENT EXCHANGE RATE OF ARMENIAN DRAM AGAINST DOLLAR DECLINES BY 10.6% IN ONE YEAR

Noyan Tapan

Au g 5, 2008

YEREVAN, AUGUST 5, NOYAN TAPAN. 4.5% growth of consumer prices in
Armenia in July 2008 as compared with December 2007 was accompanied
by a 0.5% fall in the settlement exchange rate of the Armenian dram
aganst the U.S. dollar. A similar tendency was registered in the same
period of last year: a 7.2% fall in the settlement exchange rate of the
dram was registered in parallel with a 0.6% growth of consumer prices.

According to the RA National Statsitical Service, there was a 2.2%
fall of prices and 0.9% fall in the settlement exchange rate of the
Armenian dram in July on June 2008.

The average settlement exchange rate of the Armenian dram against
the US dollar made 302.47 drams in July 2008, which is by 10.6%
lower than the index of July 2007 (338.38 drams).