Oddities in Armenia’s financial market

Haykakan Zhamanak

08:38, 17.05.2012

YEREVAN. – One US dollar’s value dropped by 55 lumas, at Armenia’s stock exchange on Wednesday, and comprised AMD 397, Haykakan Zhamanak daily writes.    

“But it is noteworthy that an extremely huge volume of trading—more than $8.5 million—was recorded. There can be no doubt that the most—if not, all—of this volume is the Central Bank’s foreign currency intervention.  

The coming days will show whether this is sufficient to complement the growing demand for the dollar [in Armenia]. But it seems apparent that bizarre things are happening in the [country’s] financial market.    

And it is also apparent that this is largely due to the circulation of huge [amounts of] money during the past [parliamentary] election season,” Haykakan Zhamanak writes.

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