YEREVAN. – Currency market will settle excessive volatilities, Mr. Thies Clemenz, the CEO of the HSBC Bank Armenia, told Armenia News - NEWS.am on Friday.
Asked about the policy measure of limited foreign currency trading, recently announced by the Central Bank to smooth recent fluctuations, he told that “the CBA has the authority to perform actions to regulate the market”.
Asked whether the plunge of Armenian dram against US dollar may lure currency traders into rigging the market, he responded: “I cannot comment on whether there has been any malicious behavior. Largely, market participants have been converting dram to dollar to cover their personal or business needs”.
Asked whether he was happy with the widened currency spread, he told: “It’s up to the market, that’s not a thing for us to be happy or unhappy with”.
The Armenian dram has plunged 3,8% downwards to the US Dollar on November 24, reaching AMD 433 /$1. As of Dec. 12, Armenian Dram has reached AMD 459,09/$1 (official Central Bank rate).
