Armenian national currency keeps strengthening against dollar

YEREVAN, March 10. /ARKA/. Armenian national currency keeps
strengthening against U.S. dollar. Armenian dram’s average market value
climbed 1.3 percentage points against the dollar on Monday, compared
with Friday, to AMD 359.37 per dollar, press office of the Central Bank
of Armenia reports.

However, the revaluation pace slowed down slightly. The dram
strengthened 1.76% and 1.56% against the dollar on Thursday and Friday,
while on Monday it climbed only 0.36%.

This Tuesday the CBA Board took into account the gradually worsening
trade conditions amid the present global economic and financial crisis,
as well as lower capital flow rates, and decided to restrict its
interventions in the currency market thereby reverting to its floating
exchange rate policy. CBA experts believe that the USD average exchange
rate will be 360-380 AMD/$1 this year.

After the Central Bank announced the restriction of its intervention,
the dram plummeted 66.36 points, compared with the previous day to AMD
372.11 per dollar.-0—