Sharp rise in USD exchange rate in Armenia

dollarsUSD exchange rate rose dramatically today at various banks in Yerevan. Banks sell 1 USD for 380 as of now, which is up by 20% from yesterday’s selling rate of 307-308. Banks buy at USD at the rate of 320 – 330 AMD, up from yesterday’s 305-307. Continue reading

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Dollar panic?

Armenian Dram Memorial

Armenian Dram Memorial © Artur Papyan

The website of Armenia’s Central bank has been posting some really interesting data recently. While the US dollar exchange rate has remained quite steady at about 305 drams per 1 US dollar, the striking differences in the volume of foreign currency trading on 24th, 25th and 26th of February cause real concern.

On February 24, for example, the volume of US dollar trading is reported as $ 14,910,000 US. On 25 – there is a drastic rise to $ 25,348,000 US, and today – all of a sudden – there is a figure of $ 3,292,000 US. Meanwhile, no obvious major factor seems to have impacted this situation. The average balanced exchange rate in all three cases is reported as 305 drams per 1 US dollar.

Meanwhile, people keep telling me there is panic in the banks and currency exchange shops and how lot’s of people are rushing to get rid of their Armenian drams. Continue reading