Armenia’s dram devalued, panic exchanges senseless: CB Chairman

YEREVAN, DECEMBER 17, ARMENPRESS: The real exchange rate of the Armenian dram will be known after the reasons for devaluation disappear. The Chairman of the Armenia's Central Bank believes that US dollar is overvalued in Armenia. The main reasons for this are panic and speculations by some individuals, Arthur Javadyan told reporters on Wednesday, Armenpress reports.

The Head of the Central Bank once again warned that speculative currency exchange may lead to significant financial losses. Most likely the Armenian dram rate will noticeably increase. “The Central Bank has warned for many times and now as well states that there is no problem in the banking system connected with the foreign currency. In case of necessity the CB has the opportunity to provide the necessary volumes of currency. In this panic the exchanges are senseless. The banking system is stable. The banks are able to pay and serve the citizens' deposits and accounts”, - said Javadyan.