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. Last Updated: 07/27/2016

Bank Head Appointed

Parliament in former Soviet Armenia on Wednesday appointed a new Central Bank chairman proposed by President Levon Ter-Petrosyan. Parliament voted to appoint Bagrat Asatryan, 38, as the new head of the Central Bank to replace Isak Isakyan.

Armenia, one of the poorest former Soviet republics, introduced its national dram currency last November. The currency has plunged from an initial central bank rate of 14.3 dram per dollar to 75 dram. Commercial bank rates are lower at around 100 dram against the dollar.