Yerevan/Mediamax/. Chairman of the Union of Armenian Banks (UBA) Ararat Ghukasyan believes no abrupt fluctuations of the currency rate are expected this year and the exchange rate will be within the range of 380-400 AMD per 1 USD.

Mediamax reports that, speaking at a news conference in Yerevan today, Ararat Ghukasyan expressed opinion that the recent devaluation of national currency was conditioned by the inability of economy to absorb additional pouring of AMD liquidity.

Answering the question on whether devaluation is a result of speculative activities by banks, Ararat Ghukasyan stated: “One should understand that devaluation of national currency does not meet interests of banks. They are interested in currency exchange rate stability”.

According to Ararat Ghukasyan, devaluation and inflation are the natural constituents of the extensive monetary-credit policy, without which it is impossible to provide for post-crisis revival of economy.

UBA Chairman welcomed CB steps on reducing dollarization, noting that today’s rates on credits and deposits in foreign currency in Armenian banks do not meet international rates.