YEREVAN (Noyan Tapan)–The united European currency – cash euros – were recently introduced into the Yerevan market. A number of the Yerevan’s exchange points exchanged euros this week (500 to 520 drams for a euro). A euro costs approximately 91 American cents. Meanwhile–the exchange rate of the old currencies–the German marks and the French fran’s–have increased by 10 percent.
In Armenia–the exchange of drams for euros is lower than expected. The exchange margin of the dollar is 1-2 drams. The low demand of euros accounts for the low supply–many exchange points do not exchange the currency or have done it for one to two days only.