"Haykakan Zhamanak": Money flow from Armenia has started

Interesting developments are taking place in the country’s financial market. Sources standing close to banks say money flow from Armenia has started affecting banks.

There are also cases when businessmen are pawning real estate and transferring the received money outside of Armenia. The paper says the tendency of Armenia’s dram’s noticeable devaluation recently is agreed with the reduction of currency volume in the country. The reason of such behavior of businessmen is incomprehensible.

As to the dram exchange, yesterday $1 cost 414 drams in the stock exchange which is a bit less from the day before. Judging from the volume of deals [more than 6 million US dollars] it may be claimed that dram’s devaluation has again been prevented by Armenia’s Central Bank’s currency intervention. Last week the CB has filled the market with more than $21 million cash not to allow dram’s collapse.