Tuesday, August 1 2023 12:59

ArmInfo.As of this July, Armenia's gross international reserves (GIR) totaled $3.909 bln - an  annual growth from 10.8% to 13.33% or up by $458.6 mln. Thus,  Armenia's GIR has neared their historical maximum. The share of  external convertible currency assets in Armenia's GIR is $3.898bln,  that of SDR at the IMF is $8.9 mln.

The Central Bank of Armenia (CBA)  reports a 13.9% year-on-year growth in the external convertible  currency assets, with a 68.7% decline in the SDR at the IMF against a  10.4% growth in in the external convertible currency assets and  2.1-fold  growth in the SDR at the IMF last year.  

In the second quarter of last year, Armenia's GIR showed a 5% growth  against a 9.4% decline in the first quarter. In absolute terms, the  GIR grew by $184.9mln after a $387.4 decline in the first quarter.  External convertible currency assets showing 5.3% growth against a  9.9% decline, with the SDR at the IMF showing a 59.2% decline against  a 3.5-fold growth. 

In the second quarters of last year, the GIR showed a 17.4% growth  against a 9.0% decline due to an 18.4% growth in growth in external  convertible currency assets against a 9.6% decline, with the SDR at  the IMF showing a 45% decline against a 56.4% growth. 

This June alone, saw a growth in the GIR from 3.1% up to 4.3% (by  $160.6mln against $112mln this May).  That was accompanied by a  growth in external convertible currency assets from 3.3% this May up  to 4.4% this June. SDR at the IMF showed a 26.3% decline this June  against a 45.1% decline this May. Last June, the GIR showed a growth  from 2.7% up to 9.5% due to a growth in external convertible currency  assets from 2.8% up to 10.2%, with the SDR at the IMF showing a  growth from 6.3% up to 39.4%.  

In the first half of this year, Armenia's GIR showed a 4.9% decline  or by $202.5 (against a 6.8% or by $220.7mln in the first half 2022).  That was due to a 5.1% decline in external convertible currency  assets, with a 48.3% growth in the SDR at the IMF. In the first half  of 2022, external convertible currency assets showed a 7% growth,  with the SDR at the IMF showing a 14% decline. 

By 2023, Armenia's GIR reached a historical maximum of $4.112, with a  24.3% year-on-year growth or by $881.8 (against a 23.5% growth in  2021). External convertible currency assets reached a historical  maximum as well - $4.108, a 28.5% growth during last year, with the  SDR at the IMF showing an 81.3% decline, down to $6.2mln (against a  22.7% growth and a 3.7-fold growth respectively the previous year). 

During last year, the share of the SDR at the IMF proved to be even  lower than the record-setting $178.2mln in August 2021. In 2019,  external convertible currency assets showed a 26.2% growth and the  SDR at the IMF showed a 3.2% growth, which ensured a 26.1% growth in  Armenia's GIR. The share of Armenia's bank gold in the country's GIR  was zeroed as far back as December 2003. 

  On December 12, 2022, the Executive Board of the International  Monetary Fund (IMF) approved a 36- month Stand-By Arrangement (SBA)  for Armenia amounting to SDR 128.80 million (about US$171.1 million  or about 100 percent of Armenia's quota in the IMF).

Upon the Board's approval, an amount equivalent to SDR 18.40 million  (about US$24.4 million) was immediately available to Armenia, and the  remaining amount was to be made available, subject to six semi-annual  reviews.

In mid-June 2023, the Executive Board of the International Monetary  Fund (IMF) completed the first review under the Stand-By Arrangement  (SBA) with Armenia. The completion of the review enabled access of  SDR 18.4 million (about US$24.5 million), bringing total access to  SDR 36.8 million (about US$49 million).