Armenian Dram Swimming Butterfly Style

swim-butterfly-like-michael-phelps-800X800

One US dollar was worth 380 Armenian drams as we headed into March. Two weeks ago, when I left Armenia for travel, the US dollar exchange rate was 394. It traded above 414 this week, and now as I’m heading back home, it has setlled down somewhere at 404.

March is becoming the bad month for Armenia’s currency, the dram. Dram’s exchange rate against all currencies took a nose-dive last March, when the Central Bank announced a policy of non-interference. “We’ll let the exchange rate ‘swim’ and ‘float’ freely,” they said. Well, looking at the chart below, I see it’s now swimming butterfly style. March madnass? Maybe. But with turbulences like this, does the government really expect people to store their savings in Armenian drams?

The thing is, nobody ever really trusted, that the go vernment would let the currency float freely. And from what I’ve been hearing, most people back home are sure, this is the Central Bank playing in the hands of the Armenian oligarchs again. So good I have no money to store…

dram

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3 thoughts on “Armenian Dram Swimming Butterfly Style

  1. Hi…

    Off top…

    Mi rus jurnalist ka
    http://shurigin.livejournal.com/
    vor’ yavno azeri zakazov mer erkrasharji masin ahavor baner a grel…Iran grel enq, im mot el mi qani hodvatz havaqel enq, baic inch vor mi ban aveli lurgh petk a anel…na shat metz auditoria uni, isk ira 3-rd postum inch 7-rd gvardiaic a patmum chenk el imanum…Mikan xorhurd tvec qez dimem, guce unenas inch-vor patmutyun erkrasharji het kapvatz sranc nman?

    http://bsw-am.livejournal.com/91763.html

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