ARMENIAN CENTRAL BANK RULES OUT CURRENCY MANIPULATION
Trading Markets, CA
June 14 2006
(RTTNews) – The recent strengthening of the Armenian national currency,
the dram, against the US dollar is caused by ‘market factors’
and not government manipulation, local press reports said Tuesday,
citing the central bank chief Tigran Sarkisian. Armenia follows a
floating exchange rate policy. In less than a month, the dram has
gained nearly 9% in additional value against the greenback.
The domestic currency is currently worth over 30% more, in dollar
terms, than its level ahead of the start of its dramatic appreciation
in late 2003. The strengthening of the dram has reportedly hit exports
and a significant part of the population relying on remittances
from expatriates.