Largest banks of Armenia forecast devaluation of AMD against USD

July 26, 2010 - 18:10 AMT

PanARMENIAN.Net - Armenia's banks forecast AMD devaluation against USD, according to a report published by the Central Bank of Armenia: Results of Quarterly Poll on Indices of Financial Sector.

Specifically, in September Armenia’s national currency may devaluate, resulting in the dram-to-dollar exchange rate of AMD 372.95/USD 1. Meanwhile, five largest banks of Armenia expect the exchange rate to amount to AMD 373.01/USD 1 in September.

According to the report, in December 2010 the average exchange rate will make AMD 376.76/USD 1, while five largest banks of Armenia predict it to make AMD 369.97/USD 1.

It should be noted that deals amounting to USD1.5mln at an average price of AMD 369.18 /USD 1 were concluded at NASDAQ OMX Armenia today, while the closing price totaled AMD 369.75/USD 1. This proves that the national currency has started devaluating.

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