ArmInfo.The Central Bank of Armenia, while remaining committed to a floating exchange rate policy, today has sufficiently high reserves and multilayer tools to protect the foreign exchange market from any shocks. CBA Board member Artur Stepanyan stated on March 20 during Armenian Unified InfoCenter's press conference , assuming that no shocks are expected in the near future.
In the event of an undesirable development of the situation or strong volatility, according to Stepanyan, Central Bank will resort to adequate actions in the market. In this context, he emphasized: "If in December 2014, when the situation was much worse, the Central Bank managed to get out of the situation, then today we manage to keep the market in a calm state".
At the same time, Stepanyan found it difficult to give an assessment related to the further behavior of the Russian ruble, due to lower oil prices and the spread of coronavirus infection, emphasizing that the Russian currency is one of the most volatile in the world after the Mexican peso. "Naturally, we are constantly monitoring the situation in the Russian Federation, and I believe that our policy will be balanced and ensuring economic activity," he emphasized.
