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The Armenian currency dram sharply strengthened against the U.S. dollar yesterday, ‘Haykakan Zhamanak’ daily writes. The dollar traded at 468 drams in exchange offices, which was the lowest rate this year. The dollar rate was higher by 4-5 drams just two days ago.

All factors affecting the dram rate are expected to contribute to the depreciation of the dram: in particular, exports and remittances from abroad are on the decline, the Russian ruble began falling again, etc. Despite the appreciation of the Armenian currency, the Central Bank of Armenia (CBA) did not buy dollars at a low price in the market and thus did not prevent the sharp appreciation of the dram. If the dram depreciated so much, CBA would immediately inject tens of millions of dollars into the market. It shows that CBA takes steps towards the dram’s appreciation, rather than stability.