The rise of the dram is based on the increase in financial flows to Armenia. The governor of the Central Bank of Armenia (CBA), Martin Galstyan, stated this at the meeting of the Nations Assembly Standing Committee on Financial-Credit and Budgetary Affairs on Monday, commenting on the current rise of the Armenian dram against the US dollar.

As per Galstyan, the CBA carries out certain operations in the foreign exchange market. “But we do this when the market becomes one-sided; that is, when there is supply, but there is no demand. In short, when an imbalance arises. We continue to intervene in the market, and we see that the flow has strengthened. Moreover, to the extent that it has a certain impact on the exchange rate,” he added.

According to the CBA chief, a similar process is observed not only in Armenia, but also in Russia, and, moreover, the euro has also risen against the American currency. Accordingly, the rise in the dram's exchange rate is due to the weakening of the US dollar's position. "The situation is quite stable compared to the Russian ruble," the CBA governor added.

Source: https://news.am/en/news/1036204