Thursday, December 4 2014 13:11
Central Bank: Armenian Central Bank's reserves are enough to ensure financial stability
ArmInfo. Armenian Central Bank's reserves are enough to stave off artificial fluctuation of the currency rate and to ensure financial stability, Deputy Chairman of Central Bank, Nerses Eritsyan, said at today's sitting of the government.
He said that fluctuation of the foreign currency rates has resulted in devaluation of the Armenian dram and caused certain expectations and anxiety in the society. The CB estimates that these phenomena are short-term, and confirms its willingness to stabilize the market situation by way of all the tools at its disposal. The Central Bank calls to refrain from currency speculations and unnecessary conversions, he said.
He also added that the reserves of the Central Bank are in line with the circulated Armenian dram and will cause no problem. "The assets and liabilities of the banks have been dollarized, and the banks have got enough dollar liquidity in cash and non-cash terms to ensure requirements of citizens", - Eritsyan said.
He said that the Central Bank does not see systemic inflation risks linked with foreign currency fluctuation. According to the CB prediction, there will be 4% inflation in Armenia in 2014, and 4% +1,5% in 2015.
To note, today Armenian Central Bank's reserves amounted to $1,6 billion.
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