WB: in June-July 2023 AMD remained relatively stable against USD and EUR

YEREVAN, August 29. /ARKA/. In June-July, the Armenian dram (AMD) remained relatively stable against the USD and the EUR, the World Bank says in its Armenia monthly economic update for August 2023.

According to the update, as the RUB continued to depreciate, at end July the AMD strengthened against it by 36 percent in July (yoy).

Armenia’s international reserves increased by USD 232 million in July, partly boosted by the disbursement of a USD 100 million World Bank budget support loan. This increased international reserves to a new record of USD 4.1 billion, equivalent to 4.3 months of import cover, at end July.

According to the Eurasian Development Bank (EDB), in terms of real effective exchange rate, the Armenian dram appreciated by 33.6% in 2022. At the end of June 2023 dram's appreciation was 40% compared to the beginning of 2022.

By the end of July 2023 compared to the beginning of 2022, the dram has strengthened against the US dollar by 19.8% yoy, against the euro by 21.7% yoy, and against the Russian ruble by 32.4% yoy, according to EDB. -0-