YEREVAN. – The deepening uncertainties, with respect to the political solutions to European Union’s key debt problems, have resulted in the US dollar’s sharp increase against the currencies of Armenia’s main partners—specifically, EU and Russia—, which also reflected on Armenia’s foreign currency market, expressing itself by the Armenian national currency, the dram’s devaluation against the US dollar. This is noted in Armenian Central Bank’s refinancing protocol, which is made public on Tuesday.          

As per the Bank, the drop in the dram’s exchange rate will have an inflationary affect, and therefore the Bank has left the refinancing interest rate unchanged at eight percent.