YEREVAN, January 25. /ARKA/. According to the Central Bank of Armenia, the monetary base decreased by about 110.4 3 billion drams (or 16.4%) from the beginning of the month to 560.9 billion drams as of January 24.
The decline was mainly due to a 102.5 billion dram reduction in correspondent accounts in foreign currency which stood at over 45 billion drams as of January 24. Correspondent accounts in national currency decreased by 11.5% or 18.7 billion drams, while money supply out of the Central Bank dropped to more than 363.3 billion drams, a decrease of 8.9% or 35.5 billion drams as opposed to the beginning of the month.
Net international reserves (excluding funds from privatization) reached 406.1 billion drams, contracting by 1372% or 64.5 billion drams from the beginning of January. ($1 – 387.69 drams). -0-
