Armenian dram revaluating, premier says

YEREVAN, March 6. /ARKA/. Adjustments in the Armenian national currency
rate have resulted in revaluation of the Armenian dram, RA Prime
Minister Tigran Sargsyan told ARKA on Friday.

The RA Government is guided by the Central Bank forecasts when making
decisions on the currency rate, the premier added.

`The currency rate adjustments are moving in the opposite direction,
with the Armenian dram revaluating as CBA, IMF and WB independent
experts forecast, agreeing on the exchange rate set at 360-380 drams
per U.S.$1,’ Sargsyan said, adding both foreign and local experts have
expectations on the exchange rate.

`If these expectations are viewed from this angle, I think it is going
to be a rather realistic scenario,’ the prime minister was quoted
saying.

During the Tuesday special session, the CBA Board decided to return to
the floating exchange rate policy, in view of the ongoing aggravation
of trade conditions and the global financial and economic crisis, as
well as the slowdown in capital inflow.

As a result, the Armenian dram vs. U.S dollar exchange rate rose from
305.75 drams to 372.11 drams per $1. However, starting from March 4,
the Armenian national currency rose 11.44pct against the dollar and the
exchange rate was set at 360.67 drams per $1. Z. Sh. `0–

From: Emil Lazarian | Ararat NewsPress