On the morning of June 13, Armenia experienced a sharp decline in the value of the ruble. The purchase rate of the Russian ruble in several banks fell to 2 drams, but later recovered to an average of 3.90 drams.
Chairman of the Central Bank Martin Galstyan explained this phenomenon as a result of sanctions against the Moscow Exchange. Speaking in parliament, Galstyan responded to a question from Deputy Babken Tunyan, who noted the ruble's sharp fall in the morning and subsequent recovery, and inquired about the causes of the issue.
The head of the Central Bank reported that the decline in the ruble's value was due to the inclusion of the Moscow Exchange in the sanctions list. "Russian IT companies and major banks were also sanctioned, leading to short-term risk and increased exchange rate margins," Galstyan noted. He explained that businessmen familiar with the stock market lost confidence in the future, causing the ruble to fall.
The situation with the ruble has largely stabilized, and its exchange rate has almost fully recovered.
