Dram is Stabilized

YEREVAN (Respublica Armenia)–The monetary "storm," which began in June and increased the rate of the US dollar to 520-530 drams–has finally stabilized. On Monday–the dollar rate decreased to about 505 drams.

Armenia’s Central Bank has carried out a policy of reducing the surplus of money–which increased because of a major loan provided to the Armenian government.

It is expected that Armenia’s dram will become stronger in the coming months.

Armenia is scheduled to receive $25 million on Monday from the ESAF loan to be used as the currency reserves of the Central Bank–improving the payment balance of the republic.

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