Armenian bloggers noted a certain trend this week: on Mary 1 the opposition leader Levon Ter-Petrosian declares that “the country is falling into abyss”. On March 4 the country nearly falls into that very abyss – with the national currency – Armenian dram loosing 20% or more of its value in a matter of hours.
While some bloggers share their views of the opposition leader and the authorities – telling in quite frank terms what they think of him, others explore the price hikes in Yerevan’s supermarkets and the situation from the Dram-Dollar battle grounds – the exchange shops and banks.
Meanwhile a blogger – Smbat Gogyan makes an astonishing revelation: “On March 3, at 12:35 I found out, that on the next day, on March 4 the official exchange rate will be set at the level of 370 AMD per 1 USD . My best friend called me and said literally the following: Central bank have called all the banks and warned them, that on March 4 the official rate will be set at 370”.
“Floating rate” is supposed to mean that the Central Bank does not decide the exchange rate. Instead, the exchange rate is decided by the market, and the Central Bank, having observed the market trends, defines the exchange rate. In other words, the blogger concludes, what we have now is not a ‘floating exchange rate’. It’s just that the ‘dram is taken for a swim’.
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