Armenian dram, rouble downfall continue

PanARMENIAN.Net - The Armenian dram rate continues dropping, with the Central Bank of Armenia having established an exchange rate of AMD 452.50 to $1 on Monday, December 8. According to rate.am, the December 9 purchase price for $1 made up AMD 450-456, Euro 553-561, Rouble 8,14-8,44.

At Moscow Exchange, the Rouble to Dollar and Euro rate saw another downfall as of December 9 morning. The Euro rate grew by 0.69 Roubles to reach 66,94 Roubles. The bi-currency basket cost totaled Rouble 59,92.

Problems in Russian economy and slump of a Rouble rate resulted in a drop of the amount of money transfers to Armenia to $1,240 billion, down from $1,298 billion in January-October 2014.

Over the first 10 months of 2014, $1,484 billion was transferred against $1,512 billion from a year-earlier period. On November 24, the dollar rate soared from AMD 419 to AMD 435 (a 16 point drop), the dram has weakened by 17 points since.