YEREVAN. – Foreign currency exchange rate presently formed in Armenia is in the area of stabilization, the Central Bank of Armenia (CBA) reported.

The market average rate of USD to AMD, which was formed in the currency market in Armenia at the end of November 24 went up by 16.6 points as compared with November 21 and totaled 435 drams per $1.

“Clarification of Armenian dram is dictated by the recent developments in the regional and international financial markets, and promotes export competitiveness, economic growth, creation and preservation of sustainable jobs and increase in purchasing power of the remittances received by population.

The Central Bank, after holding consultation with all members of the financial market, estimates that the exchange rate presently formed at the market fully reflects the development and stabilization. Reserves of the Central Bank of Armenia are fully sufficient to prevent any artificial fluctuations and to ensure financial stability,” CBA said in a statement.