Thu, 18 September
14.1 C
Yerevan
USD: 382.94 RUB: 4.61 EUR: 453.25 GEL: 141.01 GBP: 522.45

Armenia’s gross international reserves shrink 3.7% to $1 566.4 million in second quarter

YEREVAN, August 30. /ARKA/. Armenia’s gross international reserves totaled $1 566.4 million in late June 2016 after shrinking 3.7% or by $59.9 million over the second quarter, the Central Bank of Armenia says in its preliminary report.

Gross external assets in freely convertible currencies amounted to $1 560.7 million.

SDR in the International Monetary Fund amounted to $5.7 million in late June.

According to the regulator, the reduction of gross international reserves was due to the servicing of the foreign debt that amounts to $46 million and the contraction in commercial banks’ correspondent accounts amounting to $116 million.

Reserves have been supplemented over the mentioned period through purchasing about $52.6 million by the central bank at inter-bank market as well as through reception of the amount equal to $31 million as loans and in grants.

The regulator says changes in balances of commercial banks’ correspondent accounts are a significant, but ordinary phenomenon.

“As it is known, the Central Bank of Armenia doesn’t set requirements to minimum of correspondent accounts in foreign currencies,” the central bank’s press office says. “This means that amounts of the accounts reflect management decisions of commercial banks amid changes in investment environment outside and inside the country.”

As a result, the accounts’ balances fluctuate. For example, the correspondent accounts’ balances grew by $106 million in 2015.

The regulator’s specialists say the amount of Armenia’s international reserves continues complying with all the requirements applied in the international practice, particularly in terms of the Armenian economy’s ability to neutralize outside shocks.

More than that, the central bank says Armenia’s international reserves allow covering four-month export and seven-month current liabilities.

Armenia’s gross international reserves totaled $1 588.8 million in July 2016 after growing 1.43% or by $22.4 million over one month. ($1 – AMD 474.85). –0—–

spot_img

POPULAR

Freedom Broker Armenia ranks as one of the largest taxpayer in Armenia

Freedom Broker Armenia has been recognized as one of the largest taxpayers in the country, underscoring its leadership in the investment sector and commitment to sustainable business practices.

3.6% inflation registered in Armenia in August

n the consumer market of Armenia, 12-month inflation in August of this year amounted to 3.6%, according to the report of the National Statistical Committee (NSC) of Armenia.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

LATEST NEWS

spot_imgspot_imgspot_img