Armenia’s Central Bank Injects Cash Into Market to Save Armenian Dram from Collapse

Armenia's economy is in a deep crisis. As official proof of this, local daily paper Haykakan Zhamanak points to a notice issued by the Central Bank of Armenia, which states that the Central Bank injected more than $61 million cash in the market in February alone in order to ensure the stability of the Armenian dram. This week, the Central Bank added another $25 million. 

"The Central Bank 'worked' with similar zeal also in January and February of 2009, when again there was a problem of ensuring the dram's stability. But that year, the dram collapsed on March 3, and the price for one dollar increased from 305 dram to 400 dram in one day. Everything points to the fact that the same process is underway today," reports the paper, adding that one of the reasons for the current situation is the pre-disaster state of the Russian economy.