YEREVAN, December 25. /ARKA/. The Central Bank of Armenia will use the profits it had earned in 2014 (more than 31 billion drams) to pay off the bills, accumulated in recent years, deputy minister of finance Pavel Safaryan said at a Thursday Cabinet session.
According to him, the total amount of interest-free government bills, accumulated by the Central Bank since 2000 is about 106 billion drams.
He reminded that under the law “On the Central Bank,’ if the Central Bank’s profits exceed its spending, they are transferred to the budget as revenue, otherwise the government is to compensate for this difference.
“Every year, the Central Bank’s performance is audited both in terms of expenditures and revenue and therefore, there are no abuses. I can not name the reasons for the accumulation of this debt, however, the Central Bank will use part of profits to pay off its bills,” said Safaryan.
According to the Central Bank, at the end of 2015 September its accumulated losses grew to 135.1 billion drams from 129.4 billion drams at the end of 2014. ($ 1 – 478.97 drams). IV -0-
