YEREVAN. - Last week, the foreign currency exchange market of Armenia saw exceptional volume of currency transactions. According to the Central Bank of Armenia, banks have purchased $100 million and sold $104.5 million through exchange offices and bank branches from June 27 to July 1. In 2011 this is the largest volume of transactions per week.

The recent weeks marked increase in demand for dollar loans. From June 20 to 26, the volume of loans issued in U.S. dollars, was $ 48.7 million, which is one of the highest in 2011. This suggests that in the Armenian business community dollar is seen as more secure and reliable asset than the Armenian dram. Otherwise we would have the opposite picture: in the event of dollar devaluation demand for dollar loans would fall too.  Loans in Armenian drams totaled 24.1 billion ($ 65 million.