YEREVAN, DECEMBER 22, ARMENPRESS: Armenia’s Central Bank has announced good news today saying the share of US Dollars in cash circulation among Armenians has fallen from 84 percent in 2004 to 81.4 percent this year, but in 2003 it was 79 percent.
A press release by the Central Bank said more Armenians from all strata of society prefer now their national currency-dram- to hard currencies, mostly US Dollars and Euros. But it said the well-to-do still keep their cash money in US Dollars. It said the Dollarization rate among wealthy Armenians has fallen from 98.2 percent last year to 97.9 percent in 2005, the share of middle class Armenians who choose US Dollars has fallen from 82.4 percent to 79.3 percent. It also said the most popular currency among 54.5 poor and 11 percent of very poor Armenians is also the US Dollar.
The Central Bank has also calculated that the amount of cash US Dollars rose from 910 million last year to 1.050 billion in the outgoing year. It said Europe’s common currency, the euro, has failed to soften the greenback’s popularity in Armenia- though the Dollar has nearly lost one-fifth of its value in the recent 12 months. Armenia’s Central Bank estimates that this year Armenian expatriates have sent home around $1 billion, nearly as much as the government budget for 2006.
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