YEREVAN. - No large pressure is expected on Armenian dram before winter 2015, Mr Mark Horton, head of the International Monetary Fund’s mission to Armenia, told Armenian News – NEWS.am Friday in Yerevan, on the conclusion of the mission’s latest working visit and Article IV consultations with the financial authorities of Armenia.

The Central Bank of Armenia has stayed away of significant currency interventions, limiting its role, as usual, to adjusting excessive volatility, The only exception took place immediately after the latest Chinese stock market crash on August 24 (already dubbed “Black Monday”) and the depreciation of Kazakhstani tenge, which too has had repercussions on Armenian currency.

But after these, no tough challenges are in sight for the Armenian dram, which has already rebounded to the levels of late June.

The AMD/USD exchange rate in August through September was above 480, reaching 485, but in the last couple of weeks decreased to 475,35.

If no further challenges emerge, dram might stay relatively strong against the dollar before the winter heating season, when the country will need to buy more dollar-priced natural gas form Russia.