The stir demand for cash euro registered at the Armenian money market at the beginning of this month brought to 4% increase in the exchange value in the course of the first three days. This was due to the limited quantity of the currency. Bank experts consider that the peak of exchange rate was reached January 3 and made 515 drams for one euro. As reported by “Arminfo” agency, experts attribute this to high level of interest to the new cash currency. The rate remained high until January 8, after which 0.4% decline was registered daily. Today the rate of exchange declined to 506 drams for one euro. In experts’ opinion, the rate of buying and selling will fluctuate within the limits of 485 and 500 drams for one euro in the winter. Foreigners are actively interested in euro at retail market and have exchanged the basket currencies for euro. But this process also declined a bit in the course of 10 days, as “commission” was automatically paid while exchanging the currencies for euro due to the significant difference in exchange rates. Experts consider banks undergo the risk of fluctuation of euro exchange rate that imposes indirect costs.
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