YEREVAN. – The financial market of Armenia witnessed an unexpectedly high demand for the American national currency last week, and this contributed to a strengthening dollar. 

The country’s banks bought $120 million and sold $125 million last week, and this is significantly higher than the volume of the transactions that were conducted in the preceding week.  

The trading at NASDAQ OMX Armenia stock exchange likewise increased sharply. A total of $12.7 million were sold at the stock exchange last week, and this is triple of the amount in the previous week.     

Due to this high demand for the US currency, the latter gained value at NASDAQ OMX Armenia by approximately AMD 2, thereby passing beyond the AMD 410/$1 “yardstick” for the first time in 2013. At the cash foreign currency market of the country, the dollar’s buying exchange rate reached all the way to AMD 410/$1, and that of selling reached AMD 412/$1.     

But the Armenian national currency could recover somewhat on March 8—the International Women’s Day—and on its eve, since Armenia’s residents introduce additional dollars to the market in those days to buy gifts.