Wednesday, November 13 2013 20:37
Armenia's Central Bank expects to finish year 2013 with a loss
ArmInfo. Armenia's Central Bank will finish the year 2013 with a loss, Chairman of the Central Bank Artur Javadyan said in the Parliament on Wednesday.
He explained that if AMD drops against USD by, say, 15 AMD, the CB will earn 15bln AMD, but if it grows 5 AMD stronger (from 406 AMD to 401 AMD per 1 USD), the CB will lose 4bln AMD.
"We also keep in mind that any change in our $1.9bln international reserves may also affect our performance. In any case, our loss will be smaller if AMD depreciates a little than it will be if it grows stronger," Javadyan said.
In 2012 the CB's accumulated loss grew by 17% to 144.4bln AMD or $357.8mln. As a result, its capital dropped from +298.4mln AMD to –20.6bln AMD or -$51mln. In Jan-June 2013 the accumulated loss shrank by 10% but in Q3 2013 and Q4 2013 it grew by 3.6% and 25.5%, respectively. Due to the Government's 98.2bln AMD bill of credit in early 2012 the CB increased its capital but in Q2 2013 it dropped by 18.1% because of losses. In Jan-June 2013 the CB's accumulated loss grew by 2.3% to 149,4bln AMD, with the capital dropping by 15%.
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