Central Bank Attempts to Stabilize Dollar Fluctuations

YEREVAN (Noyan Tapan) – Armenian Central Bank’s monetary-crediting committee stated Friday– that during the period from March 6 to 12–the base monetary value of the dram dropped by as much as 742 million–totaling 38,031 million drams.

According to CB officials–this drop was conditioned by decreased foreign assets. This decrease–according to the bank–occurred because of CB’s transactions in the foreign market.

The amount of cash available in circulation has grown by 500 million drams–whereas deposits in commercial bank accounts have dropped by more than 1.3 billion drams. Due to the growth of monetary multiplicators from 1.39 to 1.41 the monetary base has increased by 1.3 billion drams–totaling 54,875 million drams.

In December the Dollar’s exchange rate was at 443 drams–while as of last week–the exchange rate fluctuated between 475 to 500 drams.

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