How much foreign currency did Central Bank sell to stabilize Armenian dram?

YEREVAN. – From January to March 2013, the Central Bank (CB) of Armenia sold $ 44.8 million in the foreign currency market, the CB bulletin informs. 

Foreign currency interventions were made solely in March, when the exchange rate for one dollar neared AMD 420 in Armenia and it “backed down” only thanks to a CB intervention. The CB sold the American currency at an average exchange rate of AMD 414.26.

In the first few months of the year, CB usually carries out foreign currency intervention, probably because a deficit for the dollar occurs in Armenia’s foreign currency market due to a seasonal reduction in remittances. In the latter half of the year, the Central Bank buys more foreign currency than it sells.