YEREVAN. – It was impossible to meet all the US dollar demands during the recent currency exchange rate fluctuations, ACBA Credit Agricole Bank CEO Hakob Andreasyan told Armenian News-NEWS.am.
He noted that it was impossible to meet the entire demand just because it sparked panic, and therefore the banks had to take measures to prevent possible speculative transactions.
“Clear procedures are not envisioned for checking each client and his demands, but there were general rules. Naturally, we could not have met the so sharply increased demand for the dollar,” Andreasyan noted, in particular.
But at the same time, as per the banker, even though there also were justified reasons for apprehension, banks need to prevent speculative sentiments in such cases.
The dollar and euro exchange rates had reached record highs in Armenia on December 17, 2014, and therefore numerous people in the country had stormed into banks to buy these foreign currencies.