Today, NASDAQ OMQ Armenia effected transactions totaling U.S. $3.45 million buying and selling with 385.37 AMD against U.S.1$ weighted average rate. Closing price was 385.30 AMD, CBA Press Service informs NEWS.am.
CBA sells high dollars from its reserves within last months in support of fixed exchange rate policy.

According to Deputy CBA Governor Vache Gabrielyan, Central Bank adheres to floating exchange rate policy. Economists reckon that it aims at assisting importing monopolists, so that they collect the dollar-savings from shoppers’ for importing goods at low price in the course of Christmas holidays.

As early as 3 weeks ago, IMF Resident representative Nienke Oomes stated that if CBA follows such policy, Armenia will not get the next tranche. It would be interesting to see whether IMF honors its word.

This year IMF allotted U.S. $320 million credit to CBA for reserves restocking, however around U.S. $220 million CB already sold for supporting of fixed exchange rate.