Armenia’s financial market has been extremely dull this week. July 19 to 23, banks purchased a total of U.S. $56.5m at an average exchange rate of 363.49 AMD/U.S. $1 and sold U.S. $55.8m at an average exchange rate of 365.02 AMD/U.S. $1. The weekly volume of foreign exchange business is U.S. $75-80m.

On the NASDAQ OMX Armenia exchange, U.S. $6.75m transactions were effected at an average exchange rate of 365.77 AMD/U.S. $1. This is a rather low figure. No transaction was effected on the exchange on July 19.

July 12 to 18, Armenian banks issued 15.5bn AMD (about U.S. $42) credits. Credits in terms of U.S. dollars totaled U.S. $38.5m. This is the first instance over the past few week that the amount of AMD credits has exceeded that of USD credits.