Tweet
ARMENIA'S DRAM DROP: WHAT GOES UP MUST COME DOWN
EurasiaNet
March 4 2009
NY
A decision by Armenia's Central Bank to let the currency exchange
rate float for the dram against the US dollar has sent the Armenian
currency into a tailspin.
Since the March 3 announcement, the dram has lost more than 20 percent
of its value against the US dollar. A $540 million International
Monetary Fund loan prompted the decision. The IMF green-lighted
the funds after the dram floated free. In a statement, IMF Managing
Director Dominique Strauss-Kan said that the move would mitigate the
"impact of external shocks and safeguard foreign currency reserves."
The Central Bank expects the dram to fall by 24 percent against the
dollar on average "in the near future," a spokesperson said. The dram
stood on March 4 at 372.95 to the dollar.
EurasiaNet
March 4 2009
NY
A decision by Armenia's Central Bank to let the currency exchange
rate float for the dram against the US dollar has sent the Armenian
currency into a tailspin.
Since the March 3 announcement, the dram has lost more than 20 percent
of its value against the US dollar. A $540 million International
Monetary Fund loan prompted the decision. The IMF green-lighted
the funds after the dram floated free. In a statement, IMF Managing
Director Dominique Strauss-Kan said that the move would mitigate the
"impact of external shocks and safeguard foreign currency reserves."
The Central Bank expects the dram to fall by 24 percent against the
dollar on average "in the near future," a spokesperson said. The dram
stood on March 4 at 372.95 to the dollar.