Tuesday, October 28 2014 13:33
President of Armenian CB: Today Armenia's international reserves are bigger than they were in the first halves of 2012 and 2013
ArmInfo. Today Armenia's international reserves are bigger than they were in the first halves of 2012 and 2013, President of Armenia's Central Bank Artur Javadyan said during parliamentary hearings of Armenia's draft national budget 2015 on Tuesday.
He said that in Q3 2013 the CB issued eurobonds and earned $690bln from them. "As a result, we enlarged our international reserves to $2.431bln by the end of Q3 2013 and repaid Russia's $500mln stabilization credit in Q4 2013. In 2014 our international reserves shrank as we faced a $300mln drop in the balance of our call accounts and spent $250mln to repay our debts to the WB, the IMF and the EBRD. We also used our international reserves to ensure our financial stability and to avoid high inflation," Javadyan said.
He said that in 2013 the CB bought more foreign exchange than it sold. "This year we are doing the contrary with a view to make AMD stronger," Javadyan said.
In Dec 2003 Armenia zeroed the share of bank gold in its gross international reserves. In 2013 its international reserves grew by 25% to $2.252bln against 7% drop to $1.799bln in 2012.
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