Wednesday, March 11, 2009

Armenian Currency Loses 30 Percent of Value as Central Bank Abandons Intervention Efforts--Partial Rebound on IMF Loan News

Last week, Armenian monetary authorities abandoned efforts to maintain the value of the nation's currency, the dram (the Armenian word for "money"), against other currencies. The Central Bank could no longer afford to continue to purchase drams, resulting in a one-day depreciation of the dram of about 30 percent relative to the US dollar.

Later in the week, the dram experienced a partial rebound on news that the IMF had granted Armenia $540 million in emergency loans.

Click here for the latest value of the dram relative to other world currencies.

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