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March 29
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YEREVAN. – Ever since the beginning of the current week, the Central Bank (CB) of Armenia sells $6 million every day through auction, yet this does not stop the devaluation of the national currency, the dram, Haykakan Zhamanak daily reported.

“The dram has depreciated by 1.6 percent, or by an average of 0.4 percent per day, over the course of the 4 days of auctions the CB conducted. But the dram had devalued by 10 percent, or by an average of 0.3 percent per day, during the month preceding it. And this means that, after the regular interventions by the CB, the daily rate of depreciation of the dram has increased by 33 percent.

“Hence it can be said that the dram has not yet reached its ‘balanced’ exchange rate, at this phase, at any rate,” Haykakan Zhamanak wrote.

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