Armenian commercial banks gambling on national currency downfall?
Until recently, keeping up the dram rate at the existing level was ineffective, Dashnaktsutyun Party representative, the MP Ara Nranyan told a press conference on Tuesday. According to him, low national currency exchange range affects both importers and local manufacturers.
The plummeting of Armenia's currency couldn't last long, so the collapse resulted in an outburst: CBA announced the change in AMD exchange rate. "Phased introduction of floating exchange rate policy would have prevented sharp leaps in national currency rate. Today this omission will have a harmful effect on businessmen, who'll experience great difficulties. I wonder if we're late with floating exchange rate policy implementation ," Nranyan said.
''Up to recent times CBA advised about keeping savings in national currency, but currently under financial crisis the situation altered sharply - the deficit occurred which induced CBA to purchase dollars. Ruble transfer volume reduction was also registered. On the other side, some banks and exchange points, being aware of approaching dollar deficit, urge their clients to accept their credit in dollars instead of Armenian drams.''
The dram-to-dollar exchange rate has gone up to AMD 360/$1 in few hours today against yesterday's 305 -310 index for sale and purchase respectively.
Dram/euro exchange rate reached AMD 440 (against 387).
The upsurge followed CB President Arthur Javadian's statement on cessation of control over the foreign currency market and return to floating rate policy.
According to the Central Bank, the dollar exchange rate will fluctuate from AMD 360 to 380 in 2009.
The plummeting of Armenia's currency couldn't last long, so the collapse resulted in an outburst: CBA announced the change in AMD exchange rate. "Phased introduction of floating exchange rate policy would have prevented sharp leaps in national currency rate. Today this omission will have a harmful effect on businessmen, who'll experience great difficulties. I wonder if we're late with floating exchange rate policy implementation ," Nranyan said.
''Up to recent times CBA advised about keeping savings in national currency, but currently under financial crisis the situation altered sharply - the deficit occurred which induced CBA to purchase dollars. Ruble transfer volume reduction was also registered. On the other side, some banks and exchange points, being aware of approaching dollar deficit, urge their clients to accept their credit in dollars instead of Armenian drams.''
The dram-to-dollar exchange rate has gone up to AMD 360/$1 in few hours today against yesterday's 305 -310 index for sale and purchase respectively.
Dram/euro exchange rate reached AMD 440 (against 387).
The upsurge followed CB President Arthur Javadian's statement on cessation of control over the foreign currency market and return to floating rate policy.
According to the Central Bank, the dollar exchange rate will fluctuate from AMD 360 to 380 in 2009.
