YEREVAN. – The Armenian national currency, the dram (AMD), is losing value at a rapid pace at the financial market of Armenia. The dram depreciated against the American national currency by virtually AMD 4 in a matter of one week, whereas the Central Bank’s foreign currency “injections” are not yielding any results.

In all likelihood, the dram is the first “victim” of the latest financial developments in Cyprus. It is possible that the Armenian banks and companies have frozen assets in Cyprus and, as a result, there is a shortage of dollar at Armenia’s financial market.         

The US national currency’s average exchange rate against the dram comprised AMD 418.5/$1 at NASDAQ OMX Armenia stock exchange on Wednesday, and this is the dollar’s highest exchange rate in the country ever since July 4, 2012.

Wednesday’s sales totaled $900,000 at the stock exchange.

The American dollar’s buying exchange rate soared all the way to AMD 417/$1, at the cash foreign currency market of Armenia, and its minimum selling exchange rate is at AMD 420/$1.