CBA: sharp fluctuations in AMD exchange rate will be prevented

PanARMENIAN.Net - Head of the Central Bank of Armenia (CBA) Arthur Javadyan said CBA is adhered to the policy of “floating rate,” but is not going to reject interference in the currency market.

“In case of any fluctuations, CBA interference is inevitable; it is our basic function,” Javadyan told journalists on April 28 after a meeting of heads of the country’s banks with participation of Armenian President Serzh Sargsyan.

As for Sargsyan’s statement on gradual depreciation of the national currency, Javadyan said it refers to a long-term period, since favorable conditions are created for economy, specifically, exporters in case of the national currency depreciation.

“However, there are a range of factors – seasonality, remittances, expected growth in agriculture – that will lead to insignificant appreciation of AMD. But we may interfere even in such case. We will prevent sharp fluctuations in the market,” concluded Javadyan.

Deals amounting to USD 4.75mln at an average price of AMD 370.05 /USD1 were concluded at NASDAQ OMX Armenia on April 28. The closing price comprised AMD 370.01 /USD 1.

Meanwhile, the market average rate of USD totaled AMD 371.18 on April 28 decreasing by 1.17 point compared to April 27.