CB President Discusses Today's Fluctuations of the Ruble Against the Armenian Dram

According to reports, today's fluctuations in the exchange rate of the ruble against the Armenian dram appear to have stabilized. This was announced by the President of the Central Bank, Martin Galstyan, during the discussion of the Central Bank's annual report in the National Assembly.

Babken Tunyan, a member of the ‘Civil Contract’ faction, asked him whether the ruble's fluctuations today are related to the American sanctions imposed against the Moscow Stock Exchange, and whether there may be uncertainty in the future that could affect the exchange rate.

Galstyan responded that the exchange margin has increased today (meaning the difference between buying and selling prices), as it has become more difficult for companies that previously traded in rubles on the Moscow Exchange to do so now. "Those economic operators who knew how to work through the stock exchange have lost that anchor. The short-term risk has manifested itself in the expansion of the exchange rate margin. I haven't closely followed the further developments as I am in parliament, but it seems that the situation has been quite rectified," Galstyan noted.

It should be noted that today's exchange margin is above average; it typically amounts to 0.2 drams per 1 ruble, while today the average rate in the banking system was 0.65 drams (with buying at 3.91 drams and selling at 4.56 drams per 1 ruble).