02 March 2009, 20:00
People queue for USD at currency exchange booths in Yerevan
In several recent days the population of Armenia has sharply increased their demand for US dollars, which is indicated by queues at currency exchange booths in Yerevan. However, the stock of dollars that can be bought there has shrunk radically. The "Caucasian Knot" correspondent has learnt about it from employees of several exchange booths.
"Indeed, the dollar stock in circulation has essentially gone down, as the holders of dollars and euros, being guided by information of their personal character or taken from articles published in oppositional press, prefer to keep their currency on them. Meanwhile, this panic has another side, as many people, having heard about possible "collapse" of the dram (national currency), are trying to buy dollars or euros," an employee of one of exchange booths said to the "Caucasian Knot" correspondent.
Another employee, who also preferred to remain anonymous, has noted that even pensioners come to exchange booths trying to buy dollars for their pensions.
Tatiana Mkrtchyan, an employee of the Armenian representative office of the British HSBC has confirmed a threat that a "grey" currency market can evolve in the current situation, while Zarui Barsegyan, press secretary of the Central Bank of Armenia, has stated in her comments on the situation in exchange booths that the bank system functions normally.
According to the data of the Central Bank, today the stock exchange has traded 31,029,000 US dollars at a rate of 305.00 drams/dollar.
Author: Lylyt Ovanisyan Source: CK correspondent
