Use of Dollar in Armenia Declines 23%

Armenia seems to have adopted the dram as its currency of use. That sounds silly, but until a little while ago, the dollar was in heavy circulation.

Use of U.S. dollar instead of Armenian national currency in Armenia has reduced more than 23% over 2006 to 30% by late December.

Cash in circulation grew 46.5% and deposits in Armenian drams 67%. Deposits in foreign currency were only 2.3% greater than earlier.

One has to wonder whether that is a direct result of the exchange rates.

Source: Arka