Central Bank of Armenia says currency turbulence has raised credit risks
Report says economy has been affected by sharp depreciation of the dram
Financial stability risks "remain manageable" but are on an "upside track", the Central Bank of Armenia warned in its latest financial stability report, published on December 3.
Like many central Asian currencies, the Armenian dram underwent a sharp depreciation in 2014, driven by falling commodity prices, weakness in Russia and geopolitical tensions.
The central bank intervened in foreign exchange markets and raised reserve requirements on foreign currency, which it said "defused" the tense
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