Armenia`s Central Bank intends to coordinate work with the government  on the targeted use of treasury funds accumulated in a single account  in the Central Bank

ArmInfo. The Central Bank of Armenia intends to coordinate work with the government of the republic on the targeted use of treasury funds accumulated in a  single account with the Central Bank in the amount of up to 220  billion drams. Nerses Yeritsyan, Deputy Chairman of the Central Bank  of the Republic of Armenia, said this on October 15 at a meeting of  the Permanent Parliamentary Commission on Financial-Credit and  Budgetary Issues during the discussion of the report on the execution  of the state budget for the first half of 2019.

According to him, the accumulated funds, possibly in large volumes,  are planned to be invested to the country's economy. Given the  current monetary policy and weak signals from international markets,  various areas of financing are being discussed. Within the framework  of this policy due to de-dollarization of funds the volume of  accumulated funds increased by 110-120 billion drams, amounting to  200-220 billion drams in total. At the same time, as the deputy  chairman of the Central Bank continued, active lending to the  country's economy continues. "We should, together with the government  and in close coordination with the executive body, discuss financing  directions," Nerses Yeritsyan noted.

Earlier, RA Minister of Finance Atom Janjughazyan noted that one of  the functions of the treasury is to maintain a single treasury  account and organize the budget execution process through this  account. Another function is cash management, which is no less  important in the sense that this ensures the funds necessary for  budget execution, which at any time should be available on a single  treasury account. At the same time, it is necessary to ensure that  the available balance is used as productively as possible. The  function of the treasury is also the management of public debt.  Separate obligations in relation to the state or the state budget,  for example, the management of loans, guarantees and various other  obligations, are also under the treasury.