CENTRAL BANK TO MAINTAIN FLOATING RATE OF DRAM
Tert.am
14.06.11
The Central Bank maintains the floating rate of the Armenian Dram,
making interventions in the foreign currency market to prevent sharp
fluctuations, the CBA president has said.
“We become more conservative as the value of the Dram goes up” Artur
Javadyan told a news conference at the Central Bank on Tuesday.
He said the negative foreign balance does not make the valuation of
the local currency a desirable phenomenon.
Javadyan noted further the local currency pressures in the past
10-15 days are characteristic of summer months. “If the fluctuations
reinforce [the Dram], we will have to buy foreign currency to prevent
further valuation,” he said.
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