ARMENIAN CURRENCY DEVALUES AGAIN – NEWSPAPER

news.am
September 07, 2012 | 09:20

YEREVAN. – The Armenian dram (AMD) again began losing value, Haykakan
Zhamanak daily reports.

“One [US] dollar was AMD 412.45 at Armenia’s stock exchange yesterday
[Thursday], whereas the dollar cost approximately AMD 408 a week ago.

So, the dram devalued by one percent in several days.

The dram’s devaluation is primarily conditioned on the fact that the
people ended their September 1 [that is, the start of the new school
year] shopping, for which they had taken the cash dollars out ‘from
underneath the mattresses’ and thrown into the market.

And, now, when that source for complementing the market with foreign
currency has ‘dried out,’ the demand for the dollar grew yet again,
and this results in the dram’s devaluation.

To note, one dollar’s exchange rate in Armenia had reached up to AMD
420 until the last increase phase,” Haykakan Zhamanak writes.

From: Emil Lazarian | Ararat NewsPress