YEREVAN. – The Central Bank of Armenia (CBA) will launch currency auctions for stabilization, CBA Chairman Arthur Javadyan said.

During the first week, $6 million will be sold to banks every day which will decrease to zero. In the end of this week CBA will present the plan for next week's auction, Javadyan assured.

CBA Chairman stressed that similar measures do not contradict the policy of floating exchange rate as intervention will be short-term and small in scale.

“Consequently, the Central Bank does not plan any pegged exchange rate system. We simply want to quickly neutralize excessive fluctuations,” he said.

The Armenian dram depreciated by over 10 percent since November 24.