YEREVAN.- The Armenian banks are trying to get rid of US dollars, as a result it is depreciating quickly. The average USD/AMD exchange rate made AMD 368.07/$1 on NASDAQ OMX Armenia stock exchange, Wednesday, a 0.58% decrease as compared with Tuesday. It is one of the largest fluctuations registered in 2011. It is not excluded that the Central Bank has interfered which is conditioned by relatively high volume of transactions amounting to $6.2 million. However, these exchange rate fluctuations are due to unjustified passive position of the Central Bank. Earlier this year Armenian President said dram revaluation is unfavorable for domestic producers. However, President’s statement does not imply that US dollar must constantly depreciate. The Central Bank can be more active in ensuring stability in the exchange rate, as it used to do while preventing dram devaluation. According to the experts, the collapse of US dollar in the current transactions is a result of inactivity of the Central Bank.
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