By Samvel Avagyan

YEREVAN. – The Central Bank of Armenia (CBA) purchased $7 million from the country’s financial market last week, the CBA official website reports.  

Nonetheless, the American dollar continued to “weaken” against the Armenian dram (AMD). The US national currency devalued in Armenia by about AMD 4 in one week, and this is quite a high pace for the Armenian market. 

The active purveyance of grapes and other autumn crops in the country is contributing to the present-day increase in the exchange rate of the dram.

Since the CBA reduced the quantity of the dram during the last week, there is a certain deficit of dram in Armenia’s financial market; this in turn results in a temporary rise in the exchange rate of the Armenian national currency.