INTERFERENCE OF ARMENIAN CENTRAL BANK WITH SITUATION IN EXCHANGE MARKET IS OF TEMPORARY NATURE

ArmInfo
2009-01-20 21:01:00

ArmInfo. Interference of the Central Bank of Armenia with the situation
in the exchange market is of temporary nature, Chairman of the Central
Bank of Armenia Artur Javadyan told journalists on January 20. He said
this policy (intervention policy – ed.) aims at preserving stability
in the money market. He recalled that Armenia adheres to the policy
of a floating rate.

It means that it is formed by the market, and participation of
the Central Bank aims at avoiding the undesirable jumps. As for the
external reserves of Armenia, A. Javadyan emphasized that their level
does not give rise to concern. In particular, their volume today much
exceeds a three-month import volume.

The latest data of the Armenian CB say the gross international reserves
of Armenia as of November 1, 2008, made up $1489.2 million. To note,
the average exchange rate of AMD to USD in the retail exchange market
of Armenia makes up 306 AMD/$1 USD, and that to Euro – 408 AMD/1 EUR.