Armenia’s Central Bank chief pledges safeguards against declining currency
The Central Bank of Armenia (CBA) has enough foreign currency to suppress possible price surges, its president said today, addressing the population’s concerns over the increasing exchange rate of the US Dollar.
“The situation has changed, so I don’t want to speak about the causes and developments. My purpose today is to introduce undeniable facts and explain their reasons. The Dollar is overvalued at present, mainly due to the situation full of panic, and the speculative deals by entrepreneurs. And the Armenian Dram is being overvalued,” Arthur Javadyan told a news a news conference on Wednesday, expressing hope that the national currency will soon regain its value.
Javadyan said the CBA is in control of all the mechanisms to suppress an inflation, adding that they pursue literate and clear policies to rule out possible abuses.
“Trade in Armenia is carried out in Drams, so no one has the right to make you pay a foreign currency,” he added.
Commenting on the situation in the banking sector, the CBA president said the system is quite reliable and stable. Javadyan said they have not imposed and have no intention to impose any restrictions on the banks.He further promised punitive measures against any bank that would refuse to serve accounts and deposits.
“If such cases occur, do let us know by all means. The reserves at our disposal now secure a higher quantity than required under the international practice,” he added.
He said the banks in Armenia keep only a part of the available money in the country, with the rest of the sums being abroad.
Asked what the CBA is doing now to eliminate the panic, Javadyan replied, “We have temporarily declared new rules of the game, but will be back to our regular paces later. This short period will help settle everything. And the banks on the stock market will be active,” he said, adding that they use all their available tools to smooth out the difficulties.
As for possible abuses on the consumer market, Javadyan said they have already instituted sixteen administrative proceedings. “We make all the sanctions public; there have already been notices for quitting jobs. We maintain control over all the participants of Armenia’s financial market. In case there are abuses by the banks we resolve them and punish [the infringers]. If you expect beheadings, that’s not something we are supposed to do,” Javadyan added.
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