YEREVAN. – In January, the Central Bank of Armenia (CBA) needs to apply new tools to gather the Armenian dram—the national currency—from the market.  

Converse Bank Executive Director, former Economy Minister Tigran Davtyan told the aforementioned to Armenian News-NEWS.am.

In Davtyan’s words, the CBA’s current policy and targeted currency interventions are quite justified. According to him, the bank protects the financial market of Armenia against excessive fluctuations.

“We all saw how numerous [people in Armenia] were trying to exchange their last dram with the [US] dollar [recently]. For that reason, the rise could have been much higher in the absence of such measures [by the CBA],” Tigran Davtyan noted. 

The dollar and euro exchange rates had reached record highs in Armenia on December 17, but they have dropped since the same evening.