YEREVAN, November 15. /ARKA/. Armenian Central Bank’s gold and foreign exchange reserves have exceeded $4 billion, the regulator’s head Martin Galstyan said today when asked whether it was possible to replenish the reserves at the moment, taking into account the possible devaluation of the Armenian dram.
“During last year and the year before last we acquired enough foreign currency, but we acquired it not to ensure a certain level of reserves, but because there was a huge supply and no demand for this currency. Therefore, to prevent instability in the financial market, the Central Bank took these actions to purchase forex, which resulted in the growth of reserves,” Galstyan said at the presentation of the draft state budget for 2024 in parliament.
According to him, the Central Bank’s reason is that potential risks are not to be restrained at the expense of accumulated reserves.
“We contain risks with good management. Reserves are an additional tool that gives additional comfort in very difficult situations,” the Central Bank head explained. -0-
