THE EBRD EXPERT CALLS ON THE CBA TO DECREASE AMD EXCHANGE RATE TO MAKE IT CLOSER TO THE MARKET VALUE

ArmInfo
17.02.2010

ArmInfo.The national currency rate in Armenia should be reduced down to
its market value. EBRD Chief Economist Helena Schweiger told ArmInfo.

She believes that the Armenian Central Bank is still maintaining the
national currency rate, but it must reduce it down to its market value.

After sharp revaluation of Armenian dram in March 2009 the Central
Bank announced return to the floating rate policy. Then just within
an hour the currency market of Armenia experienced sharp revaluation
of the exchange rate from 307 to 355 AMD/1USD in average. Now the
highest purchase price of the US dollar and EUR in Armenia is 380
AMD and 521 AMD, respectively. The lowest sale price of the US dollar
and EUR is 382 drams and 523 drams, respectively.