YEREVAN. – One US dollar made up 435 Armenian drams at Armenia’s stock exchange on Tuesday, Haykakan Zhamanak daily reported.

“The dollar had the same price the previous day, [too,] which shows at first glance that the exchange rate of the dram has stabilized.

“But more than 7-million dollar transactions were recorded in the stock exchange. As of yesterday, [Tuesday,] it was not yet clear [whether] this is an intervention by the CB [i.e., the Central Bank], or the banks have conducted transactions with such volume amongst themselves.  

“If it turns out that this is the CB’s ‘doing,’ it means the process of devaluation of the dram is not over yet,” Haykakan Zhamanak wrote.