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CB says its reserves are enough to maintain financial stability in A

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  • CB says its reserves are enough to maintain financial stability in A

    Financial Services Monitor Worldwide
    November 26, 2014 Wednesday

    CB says its reserves are enough to maintain financial stability in Armenia


    The adjustment of the exchange rate of the Armenian currency is
    determined by the recent developments on regional and international
    financial markets and promotes export competitiveness, economic
    growth, creation and maintenance of sustainable workplaces, the
    Central Bank of Armenia said in a statement on Monday.

    The statement followed a significant depreciation of the Armenian dram
    against the U.S. dollar registered on the market in recent days. The
    average exchange rate of the U.S. dollar in Armenia by late Monday was
    435 drams, while the American currency could be purchased at around
    415-420 drams only a few days ago.
    The Central Bank said it had consulted with all participants of the
    financial markets and found that "the current exchange rate fully
    reflects the aforesaid developments and is in the range of
    stabilization."

    It emphasized that its reserves are enough to prevent "all kinds of
    artificial fluctuations of the exchange rate and ensure financial
    stability." 2014 Global Data Point.

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