Armenian dram, Russian rouble rate continue stabilizing

PanARMENIAN.Net - The Russian rouble is getting stronger against the U.S. dollar after last week’s dramatic drop.

On Monday, December 22 morning, the rouble rate amounted 56,80 to $1 and 69,65 to 1 Euro, dropping by 1,74 and 2,81 roubles respectively. The bi-currency basket value amounted to 62,76 roubles.

Last week, Russia's central bank made a drastic interest rate move, raising its key rate from 10.5% to 17%. The bank said the move was to try to ease the rouble's recent fall in value.

The Armenian dram, in turn, plunged to the lowest in 9 years, the exchange rate reaching AMD 570 to $1. However, after the statements by the government and Central Bank the dram got stronger against the U.S. dollar, with the rate continuing to stabilize. According to Rate.am, as of December 22, the AMD rate amounted to 448 to $1, 547 to 1 Euro and 8,66 to 1 rouble.

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.