SCPEC DOESN’T RULE OUT USD RATE DROP WITHIN NEXT FEW DAYS

PanARMENIAN.Net
04.03.2009 20:58 GMT+04:00

/PanARMENIAN.Net/ The situation at currency exchange offices is
under control and at present the dollar rate fluctuates between
360-380drams/$1, said the head of Armenian State Commission on
the Protection of Economic Competition Ashot Shakhnazaryan at the
press-conference. After the statement by Central Bank was made public,
the sales of the dollar at the Stock Exchange made about $3mln. It
means that the amounts of the dollar realization per day fell down
ten times,said Shakhnazaryan and added that he did not eliminate the
dollar rate fall within the coming days.

The day before the dollar rate in Armenia rose dramatically to 360dram
per $1, the euro rate reached 440drams. The dollar rate at exchange
offices before that had been 305-310 per $1, the euro rate-387
accordingly. The basic reason for such sudden surge of foreign
currencies against the dollar was the statement made by the head
of RA Central Bank, Arthur Javadyan, according to which the Central
Bank of Armenia has made a decision to limit its interference in the
foreign exchange market and to go back to the policy of the floating
exchange rate.

From: Emil Lazarian | Ararat NewsPress