EDB: Armenian dram grows stronger

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YEREVAN, July 29. /ARKA/. The Armenian dram has grown stronger since the beginning of 2024, a macroeconomic forecast by the Eurasian Development Bank revealed on Monday./pp

Compared to the end of 2023, the dram strengthened against the US dollar by 4.3%, the euro by 6.2%, and the Russian ruble by 4.4% by the end of May. This was primarily driven by high growth rates in the exports of precious metals./pp

However, the appreciation of the national currency is constraining external demand for the export of most goods and services. The strengthening of the dram from February to May2024 also limited the rise in consumer prices./pp

As of July 26, 2024, the average market exchange rate of the US dollar to the Armenian dram was 388.40 drams, increasing by 0.51 points compared to July 25. The euro exchange rate rose by 0.71 points to 421.65 drams, and the ruble by 0.07 points to 4.55 drams, according to the Central Bank's website./pp br/p