Armenian Dram reacts to Government’s actions, strengthens sharply

Armenia - A schoolboy walks past a currency exchange sign in Yerevan, 17Dec2014.

Armenia – A schoolboy walks past a currency exchange sign in Yerevan, 17Dec2014.

The Armenian dram strengthened against the U.S. dollar by 16 percent on Thursday after weeks of depreciation that accelerated dramatically earlier this week amid turmoil in Russia’s currency market, RFE/RL reports.

Armenia’s national currency traded at an average of 476 drams per dollar in the evening, up from 553 drams per dollar registered the previous night. The dram thus essentially regained its value lost since last weekend. Still, it was 13.5 percent weaker against the greenback than in the beginning of November.

It is worth noting, that Armenia’s PM was all superhero yesterday. He went out on the street, passed by an exchange office and told them to change the rate. Then he went to a supermarket and adjusted prices a himself. That must have worked! And a couple of ‘friendly’ phone calls to their pet oligarchs!

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3 thoughts on “Armenian Dram reacts to Government’s actions, strengthens sharply

  1. Anna Israyelian of the RFE/RL’s Armenian service has invited the deputy head of Armenia’s Central Bank to give some explanations about the AMD/USD exchange rate fluctuations. I highly recommend you to watch it.

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