Arminfo.info



 Thursday, December 18 2014

Karina Melikyan

Armenia's Central Bank tries to sell $4mln but nobody buys it

On Dec 18 Armenia's Central Bank
tried to sell $4mln on the inter-bank forex market but none of the banks bought
it. No forex transactions were registered on the exchange on the same day, with
the average offer rate being 548.8 AMD/1 USD. It was the first CB intervention
since Dec 8.


 


Dec 8-17 the CB sold $42mln: $6mln a day Dec 8-12 and
$4mln a day Dec 15-17. The average rate during the period grew from 456.63
AMD/1 USD to 570.58 AMD/1 USD, while the cut-off price grew from 455 AMD/1 USD
to 567.65 AMD/1 USD.


 


On Dec 18 on the retail forext market AMD/USD exchange
rate dropped from 570 AMD/1 USD to 485 AMD/1 USD, AMD/EUR rate from 712AMD/1
EUR to 586 AMD/1 EUR, AMD/RUR rate from 8.6 AMD/1 RUR to 8 AMD/1 RUR.


 


Market players say that the key reason AMD is so
volatile is speculations on the market. When the rate was growing people rushed
to buy USD and EUR but now that the rate has started to drop, they have rushed
to sell what they have bought so as not to lose money if the rate continues to
fall. In the meantime, some exchange offices accept only limited sums, while
some bank branches accept currency only upon application approved by their head
offices.


 


On Dec 17 Chairman of the CB Artur Javadyan said that
AMD has undergone hyperdevaluation caused by panic and speculations. He said
that Armenia's banking system has no lack of foreign exchange and can inject
liquidity if need be.  "We are
controlling the situation and are able to curb inflation. Our key goal is to
ensure stable prices," Javadyan said.


 


According to the CBA's statement dated 8 December
2014, on 8 December, the Central Bank of Armenia launched daily interventions
to restore the balance in the exchange market and the soften currency
fluctuations.  The interventions will
last till the end of 2014. The CBA will continue announcing the ceiling of
daily sale amounts till the end of the year to normalize the situation in the
exchange market of Armenia. According to the source, the CB will be publishing
foreign exchange operations to ensure transparency in the financial market of
Armenia.  The daily intervention amounts
will be reduced gradually until the national currency exchange rate is
balanced. In particular, during the first week (8- 12 December) the daily
interventions will be $6 mln.  Afterwards,
the daily interventions will gradually be reduced depending on demand and will
be brought to zero by the end of the year.


 


From Oct till Dec 17 AMD dropped against USD by almost
45%. On Dec 18 it rose by 18%. As a result, on Dec 18 AMD/USD buying/selling
rates made up 460/510 AMD/1 USD, AMD/EUR rates 528/643 AMD/1 EUR, AMD/RUR rates
6.8/9.0 AMD/1 RUR.


 


On Dec 18 in banks the maximum buying rates and the
minimum selling rates coincided: 510 AMD for 1 USD, 620 AMD for 1 EUR, 8.3 AMD
for 1 RUR. NASDAQ OMX Armenia registered no forex transactions, with the total
amount of forex transactions carried out from June till Dec 17 being $396.7mln.

POST A COMMENT
Input digits     

Armenian leadership deliberately leads Armenian-Russian relations to  collapse - LavrovArmenian leadership deliberately leads Armenian-Russian relations to  collapse - Lavrov
ECHR accepts complaints in cases of Armen Ashotyan and Artur  Danielyan for preliminary proceedings ECHR accepts complaints in cases of Armen Ashotyan and Artur  Danielyan for preliminary proceedings 
Freedom House ranks Artsakh Not Free after Azerbaijani occupation; it  losses 40 points at onceFreedom House ranks Artsakh Not Free after Azerbaijani occupation; it  losses 40 points at once
"Europeans for Artsakh" platform outlines Artsakh`s interests  protecting vector 
Government  allocates about AMD1.4 billion to properly organize 100th  anniversary events of Sergey Parajanov, Charles AznavourGovernment  allocates about AMD1.4 billion to properly organize 100th  anniversary events of Sergey Parajanov, Charles Aznavour
France expresses readiness to consider UFAR`s development and  expansion agenda within Academic City project France expresses readiness to consider UFAR`s development and  expansion agenda within Academic City project 
Armenia to send 30 tons of humanitarian aid to Gaza StripArmenia to send 30 tons of humanitarian aid to Gaza Strip
No No "governments in exile" for Armenia`s premier 
Armenia is turning into extremely dangerous instrument in the hands  of the West - Maria Zakharova Armenia is turning into extremely dangerous instrument in the hands  of the West - Maria Zakharova 
Former Nagorno-Karabakh president calls on France to expert pressure  on Azerbaijan Former Nagorno-Karabakh president calls on France to expert pressure  on Azerbaijan 
Housing programme for forcibly displaced people to be presented next  month - vice-premier Housing programme for forcibly displaced people to be presented next  month - vice-premier 
40+10 assistance programme for forcibly displaced people to be  extended until end 2024 40+10 assistance programme for forcibly displaced people to be  extended until end 2024 
CSTO Sec Gen on Armenia`s participation in CSTO work CSTO Sec Gen on Armenia`s participation in CSTO work 
Meeting in Brussels is to focus on Armenia`s economic resilience -  U.S. Department of State Meeting in Brussels is to focus on Armenia`s economic resilience -  U.S. Department of State 
Upcoming high-level meeting in Brussels not directed against any  third party - Armenia`s foreign office  Upcoming high-level meeting in Brussels not directed against any  third party - Armenia`s foreign office  
World has experience in development of even failed states - Artak  Zakaryan World has experience in development of even failed states - Artak  Zakaryan 
Zakharova: information on Azerbaijan`s arms supplies to Ukraine is  carefully checkedZakharova: information on Azerbaijan`s arms supplies to Ukraine is  carefully checked
Russian Foreign Ministry: France`s actions are hindering  implementation of Azerbaijan-Armenia agreements Russian Foreign Ministry: France`s actions are hindering  implementation of Azerbaijan-Armenia agreements 
Russian Foreign Ministry: Anything that will benefit the people of  Armenia is only welcomedRussian Foreign Ministry: Anything that will benefit the people of  Armenia is only welcomed
Gnel Sanosyan: Upon completion of demarcation and delimitation  process, there will be no unresolved problemsGnel Sanosyan: Upon completion of demarcation and delimitation  process, there will be no unresolved problems
Statements by Alen Simonyan are carte blanche for aggression:  Opposition MPStatements by Alen Simonyan are carte blanche for aggression:  Opposition MP
Armenia does not join  CSTO PA delegations heads  statement  condemning violent terrorist attack in Crocus City HallArmenia does not join  CSTO PA delegations heads  statement  condemning violent terrorist attack in Crocus City Hall
NA Speaker: I would like to meet with a person who can prove on a map  that the four villages of Tavush belong to ArmeniaNA Speaker: I would like to meet with a person who can prove on a map  that the four villages of Tavush belong to Armenia
National Assembly Speaker: there were no political overtones in my  meeting with Svetlana TikhanovskayaNational Assembly Speaker: there were no political overtones in my  meeting with Svetlana Tikhanovskaya
Armenian PM, French parliamentarians discuss processes in South  Caucasus Armenian PM, French parliamentarians discuss processes in South  Caucasus 
Baku irritated by Pashinyan`s upcoming meeting with Blinken and Von  der LeyneBaku irritated by Pashinyan`s upcoming meeting with Blinken and Von  der Leyne
French delegation inspects security in Sotk mine French delegation inspects security in Sotk mine
Offering Armenia EU candidate status makes its pivot to West  irreversible - report Offering Armenia EU candidate status makes its pivot to West  irreversible - report 
AraratBank places its 27th issue of dollar bondsAraratBank places its 27th issue of dollar bonds
Armenian MP meet with Danish counterparts  Armenian MP meet with Danish counterparts  
Surrender of Tavush villages to destroy locals` ecosystem - expert Surrender of Tavush villages to destroy locals` ecosystem - expert 
Renowned Swiss-American lutenist to perform in Armenia  Renowned Swiss-American lutenist to perform in Armenia  
Azerbaijan uses military-political leaders of Artsakh in captivity to  achieve its propaganda goals - statementAzerbaijan uses military-political leaders of Artsakh in captivity to  achieve its propaganda goals - statement
No details of upcoming meeting between Armenia`s premier, U.S. Sec of  State, European Commission president No details of upcoming meeting between Armenia`s premier, U.S. Sec of  State, European Commission president 
People of Nagorno-Karabakh determined to return to their homeland -  Leevon KocharyanPeople of Nagorno-Karabakh determined to return to their homeland -  Leevon Kocharyan
Armenian committed to peace and stability in South Caucasus Armenian committed to peace and stability in South Caucasus 
Tatoyan Foundation, together with other human rights organizations,  publishes joint report on torture committed by Azerbaijan against  ArmeniansTatoyan Foundation, together with other human rights organizations,  publishes joint report on torture committed by Azerbaijan against  Armenians
Mirzoyan: Armenia considers Argentina as reliable partner in South  AmericaMirzoyan: Armenia considers Argentina as reliable partner in South  America
French Ambassador: The right of Artsakh people to return to their  homeland has been violatedFrench Ambassador: The right of Artsakh people to return to their  homeland has been violated
State Dept on US policy principles in relations with ArmeniaState Dept on US policy principles in relations with Armenia
Slander aimed at removing National Democratic Pole from political  arena: party responds to IC Slander aimed at removing National Democratic Pole from political  arena: party responds to IC 
Armenian diplomat to EU special rep: Aliyev regime is gearing up for  new aggression against Armenia, as he faced no consequences for last  onesArmenian diplomat to EU special rep: Aliyev regime is gearing up for  new aggression against Armenia, as he faced no consequences for last  ones
ICLaw presents cases of 8 Armenian servicemen to UN Working Group on  Enforced DisappearancesICLaw presents cases of 8 Armenian servicemen to UN Working Group on  Enforced Disappearances
Following Armenian foreign office, references to Artsakh `disappear`  from president`s websiteFollowing Armenian foreign office, references to Artsakh `disappear`  from president`s website
Sati Spivakova and the Moscow Theater of Nations soon in YerevanSati Spivakova and the Moscow Theater of Nations soon in Yerevan
CSTO Secretary General calls for creation of tools to counter  terrorismCSTO Secretary General calls for creation of tools to counter  terrorism
No discussions yet held on the issue of Armenia`s new Constitution -  minister No discussions yet held on the issue of Armenia`s new Constitution -  minister 
Establishment of lasting peace and stability in South Caucasus  Armenia`s top priority - Nikol Pashinyan Establishment of lasting peace and stability in South Caucasus  Armenia`s top priority - Nikol Pashinyan 
Azerbaijan should end the intimidation and harassment of journalists  and civil society activists - Dunja MijatovicAzerbaijan should end the intimidation and harassment of journalists  and civil society activists - Dunja Mijatovic
Armenia`s minister of justice on reforms in judicial system Armenia`s minister of justice on reforms in judicial system 
Armenian expert on Azerbaijan`s policy of misappropriation of  Armenian heritage Armenian expert on Azerbaijan`s policy of misappropriation of  Armenian heritage 
Incident with ex-minister of defense followed by numerous dismissals  - minister Incident with ex-minister of defense followed by numerous dismissals  - minister 
Russia is going through a rather difficult period in relations with  friendly, fraternal Armenia - Russian presidential spokesman Russia is going through a rather difficult period in relations with  friendly, fraternal Armenia - Russian presidential spokesman 
Azerbaijan creates artificial grounds for military aggression against  Armenia - Arman Tatoyan Azerbaijan creates artificial grounds for military aggression against  Armenia - Arman Tatoyan 
Armenian FM takes part in presentation of book Armenian FM takes part in presentation of book "Armenian Buenos  Aires" 
Threats against Armenia in Azerbaijani media channels unacceptable -  Toivo KlaarThreats against Armenia in Azerbaijani media channels unacceptable -  Toivo Klaar
Opposition MP: Threatening people with war is not the mission of  country`s leaderOpposition MP: Threatening people with war is not the mission of  country`s leader
Roundtable on geopolitical developments in South Caucasus held at  Belgian SenateRoundtable on geopolitical developments in South Caucasus held at  Belgian Senate
Andranik Tevanyan: Political struggle is the only guarantee of  success, a chance not to turn real Armenia into historical oneAndranik Tevanyan: Political struggle is the only guarantee of  success, a chance not to turn real Armenia into historical one
Vahagn Khachaturyan Vahagn Khachaturyan "closes" book of condolences at Russian Embassy  in Yerevan