The steady and dynamic increase of US dollar value and depreciation of the Armenian dram observed over the past few weeks remains news in Armenia, and has one union chief predicting the highest dollar rate in more than a decade.
According to Central Bank of Armenia (CBA) figures, during the past month the dollar-drum rate in Armenia went from 395 drams per dollar to 415 drams, and even 416 at some exchange points.
Some economists condition the dollar appreciation against the dram by international market developments, namely dollar-euro fluctuations, drop of oil tariffs, etc. Others assure that "the culprit" is the May 6 parliamentary election, during which "huge amounts of election bribes were given out and as a result a great amount of cash has entered circulation", causing the value of the dram to plummet.
Armenian News
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