EXCHANGE SHOPS OUT OF POWERS OF ECPSC
Panorama.am
14:33 27/11/2007
The exchange shops may have reached a criminal arrangement but the
regulation of the financial market is out of the powers of the Economic
Competition Protections State Committee (ECPSC), ECPSC press secretary
Armine Udumyan told Panorama.am.
The Central Bank interpreted the sharp depreciation of the American
dollar during the weekend as a consequence of idleness of the stock
exchange. During Saturday and Sunday, some exchange shops have made
only one-sided deals. Zaruhi Barseghyan, press secretary of the Central
Bank (CB), told Panorama.am that CB knows such cases and checks have
started long ago. The results have not been summed yet and the checks
continue. CB urges the citizens not to exchange money on the weekend.
Before the weekend, one dollar was exchanged at the rate of 308-313
drams. One day later the rate was 290-300 drams and at some places it
reached 280-295 drams. Yesterday the stock exchange recorded a new hit
– sales and purchase totaling 25 million 690 thousand drams. Experts
say the developments are connected with the international financial
market. Some say under these conditions the targeted inflation rate
will go up by 2 percent.