Real dram price to be clear after reasons for overdepreciation are eliminated

Chairman of Central Bank of Armenia Artur Javadyan
Chairman of Central Bank of Armenia Artur Javadyan

Photo: Photolure

YerevanMediamax/. Real dram price will be clear after the reasons for overdepreciation are eliminated.

Chairman of Central Bank of Armenia Artur Javadyan said this today noting that the current situation is conditioned by the following undeniable facts:

- dollar is currently overvalued - it costs more than it would be on normal conditions- which is conditioned by panic and the speculations carried out by some businesses;

- dram is overdepreciated. The real dram price will be clear after the reasons for depreciation are eliminated. In this case, dram will considerably grow in value;

- the CB warns: improper currency exchanges may entail significant losses during currency stabilization;

-the CB reconfirms once more that the Armenian banking system doesn’t experience a problem of currency. If needed, the CB may ensure necessary liquidity. Such panic-stricken exchanges are senseless. The CB is controlling the situation;

- the CB is sure that it regulates all the options of constraining price raise and its super-goal is stability of prices. The price raise is controlled through clear and accurate measures, the competent bodies are regulating price abuses as well;

- Armenia has a reliable and sustainable banking system. The banks are solvent and can fulfill all the liabilities including servicing of customer accounts and deposits;

“The CB hasn’t imposed and won’t impose any restrictions on banks in terms of account or deposit servicing. If the CB finds out the banks refuse to meet their liabilities the latter will be severely punished”, said Arthur Javadyan.


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