The strength of the Armenian dram is putting pressure on the Armenian economy as exports are becoming more expensive and putting pressure on wages. Similar to the moves in the ruble, the Armenian dram initially depreciated against the USD, but quickly started appreciating to the tune of ~13%. Recently, the central bank governor made it clear that they will not be intervening in the FX market and will not cut interest rates to help alleviate the appreciation pressures of the Armenian dram as they are prioritizing inflation.