Armenian Intra-Bank Foreign Exchange Market Sees Significant Dollar Transaction Surge
The Armenian intra-bank foreign exchange market saw a significant surge in dollar transactions on August 21, with volumes jumping to $200 million. The average buying rate increased by 1.35 points, while the selling rate decreased by 0.5 points compared to the previous day.
According to data from the Central Bank of Armenia, the volume of dollar purchases fluctuated between $27-42.4 million and sales between $42.4-68.7 million throughout Monday through Thursday. The average buying and selling rates for the reporting week were 364.14 drams/$1 and 366.04 drams/$1 respectively.
The weekly increase in dollar transactions was substantial, with a 2-2.2 times rise compared to the previous week's volume of $335.6 million purchased and $388.4 million sold. The average buying rate for the reporting week decreased by 0.37 points, while the selling rate decreased by 1.12 points compared to the previous week.
The interbank currency market also saw a significant increase in dollar transactions, with a maximum volume of $9.5 million recorded on Wednesday. However, euro and ruble transactions remained relatively low throughout the period.