Armenian national currency keeps strengthening against dollar

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Economy

10.03.2009, 15:44

Armenian national currency keeps strengthening against U.S. dollar. Armenian dram’s average market value climbed 1.3 percentage points against the dollar on Monday, compared with Friday, to AMD 359.37 per dollar, press office of the Central Bank of Armeni

YEREVAN, March 10. /ARKA/. Armenian national currency keeps strengthening against U.S. dollar. Armenian dram’s average market value climbed 1.3 percentage points against the dollar on Monday, compared with Friday, to AMD 359.37 per dollar, press office of the Central Bank of Armenia reports.

However, the revaluation pace slowed down slightly. The dram strengthened 1.76% and 1.56% against the dollar on Thursday and Friday, while on Monday it climbed only 0.36%.

This Tuesday the CBA Board took into account the gradually worsening trade conditions amid the present global economic and financial crisis, as well as lower capital flow rates, and decided to restrict its interventions in the currency market thereby reverting to its floating exchange rate policy. CBA experts believe that the USD average exchange rate will be 360-380 AMD/$1 this year.

After the Central Bank announced the restriction of its intervention, the dram plummeted 66.36 points, compared with the previous day to AMD 372.11 per dollar.-0---

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