AMERIABANK (ARMENIA) FORECASTS USD EXCHANGE FLUCTUATIONS WITHIN 10%

ARKA
Oct 20, 2008

YEREVAN, October 20. /ARKA/. The Armenian Ameriabank forecasts USD
exchange fluctuations within 10%.

At a press conference at the Novoti international press center,
Sergey Shevchenko, Director of the Trade Operation Department,
Ameriabank, reported that the bank does not expect any serious exchange
fluctuations, as the Central Bank of Armenia (CBA) is efficiently
managing the market, and no serious fluctuations have been recorded
over the last year.

"During the following year the cost of one US dollar will not fall
below 300 AMD, and the upper level will not exceed 320 AMD, as the
Central Bank is rather active on the market," Shevchenko said.

According to the CBA-prepared Review of quarterly polls of commercial
banks and credit institutions, commercial banks forecast a stable
average USD exchange rate for this December – 299.7 AMD/$1.

The banks also forecast an average USD exchange rate of 304.22 AMD/$1
for next March.

In 2007, the average annual exchange rate was $1/342.08 AMD. Last year
saw 16.13% USD depreciation against AMD – a fall in the USD exchange
from 363.5 AMD/$1 down to 304.22 AMD/$1. Twenty-two commercial banks
and 23 credit institutions are currently operating in Armenia.