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Armenia’s stock exchange is truly panic-stricken

Armenia’s stock exchange is truly panic-strickenMay 24, 2012 | 17:08

YEREVAN. – The processes that are taking place in Armenia’s financial market can solely be called panicky, as the US dollar is gaining value against the Armenian dram (AMD) on an hourly basis.    

The dollar’s average exchange rate reached AMD 406/1$, at NASDAQ OMX Armenia stock exchange on Thursday, and it was offered at AMD 407/1$ by the end of the trading session.   

The total sales were $300,000. The banks openly avoid selling the dollar, and thus further deepen the chaotic situation.   

And the US currency’s purchase exchange rate rose up to AMD 406/1$, in Armenia’s cash foreign currency market—even though it is primarily in the AMD 403-404/1$ range—, and its selling rate is at AMD 409-410/1$.

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