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The dollar rate will begin to decline after December 20 and the situation will be resolved, Samvel Chzmachyan, President of the Union of Banks of Armenia, told Panorama.am.

According to him, the dram-dollar fluctuations are a result of panic being spread by some individuals.

According to the official, the Armenian dram’s depreciation is caused by a number of objective factors, including the slow economic growth, the economic situation in Russia, and the devaluation of the Russian ruble as a result of the sanctions.

Meanwhile, he expressed confidence that this situation is temporary.

“I appeal to banks and other financial institutions not to give way to panic, to be vigilant and reserved since there are speculative actions as well that cause devaluation of the national currency,” Chzmachyan said.

As regards inflation, the official expressed confidence that the Central Bank of Armenia has all necessary resources to curb it.