Armenian banks suffer 5 billion drams loss due to sharp devaluation of
Armenian dram on March 3

2009-03-13 22:24:00

ArmInfo. With the Armenian Central Bank returning to the policy of
floating rate, Armenian dram devaluated by 20% and local commercial
banks suffered 5 billion drams loss, Armenian Prime Minister Tigran
Sargsyan told media Friday.

In response to ArmInfo question regarding budget risks connected with
the considerable growth of the exchange rate despite the planed 305
drams per US$1, the premier said the government follows the inflation
forecasts by the Central Bank which is evaluated at 8% for late 2009.
From: Baghdasarian