Friday, August 26 2016 19:27
Alina Hovhannisyan

International reserves of Armenia declined by 3.6% to 1.567 bln USD in Q2 2016

International reserves of Armenia declined by 3.6% to 1.567 bln USD in Q2 2016

ArmInfo. Gross international reserves of Armenia declined by 3.6% to 1.567 bln USD in Q2 2016.  According to the data of the Central Bank of Armenia in the structure of reserves foreign assets in freely convertible currency totaled $946.1 dropping by 6.5% quarterly. The share of SDR in IMF totaled $5.7 mln dropping by 59.3% in Q2 2016.

The Central Bank explains drop of international reserves in the reported quarter mainly by expenses amounted to $46 mln aimed at servicing of foreign dept and reduction by $116 mln of balance on correspondent accounts in the Central Bank of Armenia (versus growth by $106 mln in 2015). Within the Q2 Central bank was refilling the reserves mainly by buying dollars on inter- bank market-$52.6 mln and received loans/grants-around $31 mln.

In year-over-year terms, gross international reserves grew by 1.4%, including share of SDR in IMF-5.7-fold, while foreign assets in freely convertible currency dropped by 4.5%. To note for comparison that in Q2 2015 gross international reserves of Armenia grew by 3.6%, including foreign assets in freely convertible currency by 50.7% and the share of SDR in IMF-5.7%. 

To note, Armenia's gross international reserves grew by 19,2% to $1.775 bln in 2015. In the structure of reserves foreign assets in freely convertible currency totaled $1.175 bln growing by 27.6% y-o-y. The share of SDR in IMF totaled $2.9 mln dropping by 53.2% over year. In 2014 gross international reserves of Armenia declined by 33.9% to $1.489 bln, foreign assets dropped by 42.7% to $ 920.9 mln while the share of SDR in IMF grew 3.3-fold to $6.2 mln.  To note, the share of bank gold in Armenia's gross international reserves was zeroed in Dec 2003.

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