Chairman of the Central Bank of Armenia Martin Galstyan announced at a press conference on April 30 that the increase in the value of the Armenian dram is due to the imbalance between supply and demand in the market.
He noted that the nominal exchange rate of the US dollar has decreased from 400 to 390 drams over the past month, which corresponds to a depreciation of the dollar by approximately 2.5 percent.
This is associated with an increase in inflows, such as trade and tourism flows, as well as capital inflows, which exceed demand in the market. Galstyan emphasized that the Central Bank monitors the situation and intervenes only in case of market dysfunction.
At the beginning of the year, the average exchange rate of the dollar was 405.28 drams, but starting from March 4, the dram began to strengthen, and currently the rate stands at 388 drams.
