400 DRAM TO THE DOLLAR? DEVALUATION OF ARMENIAN CURRENCY
Tert.am
15:27 ~U 17.03.10
The predictions of many experts seem to have come true as the local
Armenian currency, the dram, has dropped in value. Currently, in the
best case scenerio in Armenian banks, a US dollar can be purchased
for 402 dram, while a euro goes for 555 dram.
According to Rate.am, at 1:30 pm local time today, a few banks were
even selling US dollars at 405 dram and euro at 561 dram. Buying rates,
however, fluctuated between 395 and 400 dram to the dollar and 542 to
550 to the euro. At 10 am this morning, a US dollar could be purchased
for 398.5 from Anelik Bank, while a euro could be purchased for 549
dram at Artsakhbank.
This devaluation of Armenian currency began only in the last 1-1.5
months. On February 2, the going rate was 375.8 dram to the dollar;
it has risen quite drastically in such a short period.
Few reasons might account for the devaluation: a shortage of personal
transfers from abroad, perhaps a big difference in export and import
volumes (import being noticealy greater than export), high quality
of inflation, and so on.