ARMENIA’S BANKS SUFFERED LOSSES DUE TO EXCHANGE RATE – CENTRAL BANK

news.am
September 11, 2012 | 05:21

YEREVAN. – As a result of the fluctuations in Armenia’s national
currency, the dram’s (AMD) exchange rate against other currencies,
the country’s banking system suffered a loss worth AMD 1.9 billion
(approx. $4,630,715) in the first six months of 2012, the Central
bank’s financial stability report states.

At the same time, and as a result of foreign currency revaluation,
eleven banks suffered losses, whereas ten banks registered gains.

Also, the country’s banking system secured AMD 5.9 billion (approx.

$14,379,590) pure income from foreign currency trading.

In line with the Central Bank’s report, the Armenian dram’s exchange
rate against the US dollar dropped by 7.71 percent in January-June
2012.