YEREVAN. – The Central Bank of Armenia (CBA) purchased $10.9 million from the country’s financial market last week, the CBA official website reports.  

As a result, the bank managed to prevent the excessive “strengthening” of the Armenian dram (AMD). 

The US dollar’s exchange rate was primarily below AMD 406/$1 in the past week. And the fact that the American currency did not fall below AMD 405/$1 is a result of the CBA purchase of the dollar.     

It is noteworthy that the dram is gaining value immediately after the announcement about the successful issuing of Armenian Eurobonds in the international market.   

A part of the amount to be received from the selling of these Eurobonds will be injected into Armenia’s economy, and by way of the banking system.  

In September, the Central Bank of Armenia bought about $18 million and sold $4 million in the currency market.