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Central Bank adopts new approach
To normalize the situation in the foreign exchange market, smooth the dram-dollar fluctuations and restore the balance in the foreign exchange market, the Central Bank of Armenia is adopting a new approach until the end of the year. Every day we shall sell currency through auctions in accordance with the maximum amount announced in advance, the CB said in a statement. In order to ensure transparency in the financial market the CB will publish [on a daily basis] information on the results if actions conducted by the Bank. In an effort to minimize the impact of the CB on the formation of the currency exchange rates the volumes of daily intervention will also be reduced unless the equilibrium of the Armenian currency is recovered.
