Armenian dram revaluating, premier says
09.03.2009,
19:44
Adjustments in the Armenian national currency rate have resulted in revaluation of the Armenian dram, RA Prime Minister Tigran Sargsyan told ARKA on Friday.
YEREVAN, March 6. /ARKA/. Adjustments in the Armenian national currency rate have resulted in revaluation of the Armenian dram, RA Prime Minister Tigran Sargsyan told ARKA on Friday.
The RA Government is guided by the Central Bank forecasts when making decisions on the currency rate, the premier added.
“The currency rate adjustments are moving in the opposite direction, with the Armenian dram revaluating as CBA, IMF and WB independent experts forecast, agreeing on the exchange rate set at 360-380 drams per U.S.$1,” Sargsyan said, adding both foreign and local experts have expectations on the exchange rate.
“If these expectations are viewed from this angle, I think it is going to be a rather realistic scenario,” the prime minister was quoted saying.
During the Tuesday special session, the CBA Board decided to return to the floating exchange rate policy, in view of the ongoing aggravation of trade conditions and the global financial and economic crisis, as well as the slowdown in capital inflow.
As a result, the Armenian dram vs. U.S dollar exchange rate rose from 305.75 drams to 372.11 drams per $1. However, starting from March 4, the Armenian national currency rose 11.44pct against the dollar and the exchange rate was set at 360.67 drams per $1. –0--
The RA Government is guided by the Central Bank forecasts when making decisions on the currency rate, the premier added.
“The currency rate adjustments are moving in the opposite direction, with the Armenian dram revaluating as CBA, IMF and WB independent experts forecast, agreeing on the exchange rate set at 360-380 drams per U.S.$1,” Sargsyan said, adding both foreign and local experts have expectations on the exchange rate.
“If these expectations are viewed from this angle, I think it is going to be a rather realistic scenario,” the prime minister was quoted saying.
During the Tuesday special session, the CBA Board decided to return to the floating exchange rate policy, in view of the ongoing aggravation of trade conditions and the global financial and economic crisis, as well as the slowdown in capital inflow.
As a result, the Armenian dram vs. U.S dollar exchange rate rose from 305.75 drams to 372.11 drams per $1. However, starting from March 4, the Armenian national currency rose 11.44pct against the dollar and the exchange rate was set at 360.67 drams per $1. –0--
