AMD/USD EXCHANGE RATE IN ARMENIA HAS EXCEEDED 400 AMD/1 USD

ArmInfo
2010-03-17 17:06:00

ArmInfo. On March 17 the AMD/USD exchange rate in Armenia exceeded
400 AMD/1 USD and made up 408 AMD/1USD in the average by Wednesday
evening, having thereby grown by 12-13 pct points over the day.

The currency market participants told ArmInfo that the currency market
is currently non-liquid; banks display high demand for currency, but
not for speculative purposes, but by the demand of clients. Actually,
certain currency deficit has been formed in the market, most exchange
points only buy and do not sell US dollars.

Despite the demand, by 5 pm the interbank currency market behaved quite
passively, a total of $7.925 mln were sold at the average exchange rate
of 402,84 AMD/1USD. The market participants think that such modest
participation in the stock exchange did not stop the raising trend,
as a result, the USD exchange rate continued growing.

Before closure of the stock exchange, the exchange rate in the retail
currency market made up 404/408, and after closure of the auction,
it rose to 406/410. According to the retail currency dealers, no
panic is observed among the population, however, if the CBA fails to
seriously interfere in the situation, tomorrow the high demand for
USD will be maintained.

To note, gradual growth in the exchange rate has been observed since
last week. Thus, if on March 9 the USD exchange rate in the retail
currency market was 388/393 AMD/1USD, last Saturday, March 13, the
average purchase and sale exchange rate was 394/396 AMD/1 USD. Last
week (9-12 March) currency purchase and sale operations worth $15.803
mln were carried out at the stock exchange at the average exchange
rate of 391,79 AMD/$1, on March 15 – $6.1 mln at the average exchange
rate of 396,94 AMD/$1, and on March 16 not a single operation was
carried out.

From: Emil Lazarian | Ararat NewsPress