2024-07-28 02:42:35
As of now, the Armenian dram has gained a certain value, said Martin Galstyan, Chairman of the Central Bank of Armenia, at the press conference.
“The exchange rate is affected by quite a wide range of factors. A certain devaluation of the Armenian dram took place, and not only the Armenian dram. Based on the geopolitical developments, for example, we also noticed fluctuations in the Russian ruble and other currencies in the markets. As of now, if I’m not mistaken, there is a certain devaluation of the Armenian dram,” he said.
According to the President of the Central Bank, it is influenced by various factors, from the demand and supply side.
“If the demand is more, we notice a depreciation of the dram, if the demand is less, it appreciates. I think that this is a normal process. Due to the fundamentals, there is no reason for any hesitation,” said Galstyan.
As for short-term fluctuations, the Central Bank President said that they can always happen.
“However, we notice a situation that our society, as well as many other societies, is much more tolerant of fluctuations. If 5-6 or 10 years ago, the devaluation of the dram by 20-25 drams could have caused certain fears, no matter how much the Central Bank said that it was normal. As of now, we see that this fluctuation – devaluation or devaluation – does not bring significant changes in people’s behavior,” Galstyan said.