ARMENIA: DON’T WORRY ABOUT ANOTHER DEVALUATION – CENTRAL BANK CHIEF
Eurasianet
April 9, 2009
Fears that the Armenian dram will again be devalued are without merit,
Central Bank of Armenia Chairman Artur Javadian told an April 8 news
conference. Commercial banks have recovered from the dram’s rapid
devaluation in early March, Javadian asserted.
The dram tumbled from 305.75 to 372.11 against the US dollar on
March 3 after the Central Bank decided to free float Armenia’s
national currency. As a result of the drop, the banking sector lost
up to 4.7 billion drams (about $12.6 million), the bank’s chairman
announced. Armenian banks converted their deposits from drams to
dollars and euros, and adopted very conservative credit policies,
Javadian continued. The Central Bank spent $600 million to prop up
the dram, he said, Arminfo news agency reported.
Disclaimer: This article was contributed and translated into English by Maghakian Mike. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2009/04/11/armenia-dont-worry-about-another-devaluation-central-bank-chief/