YEREVAN. – A record number of US dollar was sold last week in Armenia’s financial market. In the country’s cash foreign currency market alone, people offered over $110 million to the banks, and this is equivalent to the volume of foreign currency that was offered before the New Year.  

A total of $17.5 million were sold at NASDAQ OMX Armenia stock exchange, on a weekly basis, and this likewise is a high indicator.   

Owing to the growing offer for the American currency, the Armenian dram (AMD) began to gain value against the dollar. As a result, the latter devalued by approximately AMD 4, over the past week, and dropped from AMD 412.10/$1 all the way to AMD 408.22/$1. 

The dollar’s growing offer in Armenia’s financial market could have two reasons. First, grape harvesting compels the country’s brandy and wine producing companies to sell foreign currency. And second, all the signs show that the American dollar will devalue in the international market.      

By Samvel Avagyan