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Armenia devalues currency

Posted on 04 March 2009

From Armenialiberty.org: Armenia effectively devalued its national currency, the dram, by more than 20 percent on Tuesday after the International Monetary Fund pledged to provide it with $540 million in emergency loans designed to minimize the impact of the global economic crisis.

The dram tumbled from 305.7 to 372.5 per U.S. dollar in trading at Yerevan’s NASDAQ OMX stock exchange immediately after the Central Bank of Armenia (CBA) decided to limit its hard currency injections in the local market….. Full Article: Source


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