{"id":89920,"date":"2015-07-22T15:36:54","date_gmt":"2015-07-22T15:36:54","guid":{"rendered":"https:\/\/armbanks.am\/2015\/07\/22\/243264\/"},"modified":"2024-12-15T13:19:12","modified_gmt":"2024-12-15T13:19:12","slug":"central-banks-purchase-of-30-million-alleviates-pressure-on-exchange-rate-world-bank-says","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2015\/07\/22\/89920\/","title":{"rendered":"Central bank\u2019s purchase of $30 million alleviates pressure on exchange rate \u2013 World Bank says"},"content":{"rendered":"<p><strong>YEREVAN, July 22. \/ ARKA \/.<\/strong> The World Bank has commended Armenia&#8217;s Central Bank for purchasing $30 million saying in its monthly review of Armenia&#8217;s economy that the deal will allow the regulator to replenish its international reserves and alleviate the pressure on the exchange rate caused by seasonal revaluation.<\/p>\n<p>According to the review, the Central Bank refrained from intervention in the foreign exchange market in May, but bought $30 million from June 8 to June 26.<\/p>\n<p>The WB said in May commercial banks reserved additional liquid foreign currency funds at the Central Bank, which led to an increase in gross reserves on a monthly basis to $102.9 million.<\/p>\n<p>It also revealed devaluation expectations, which was manifested in a weak desire of commercial banks to lend in local currency and in a low demand of economic entities for loans in foreign currency, the WB said. The review says also the current refinancing rate of 10.5% results in high costs of borrowed funds.<\/p>\n<p>According to the Central Bank, by June 30 Armenia&#8217;s foreign exchange reserves fell to $1.546 billion from $1.599 billion a month earlier (3.3% decline). The drop was said to have come after a three-month rise from March to May when forex reserves rose form $.1491.6 billion to $1.598.7 billion.<\/p>\n<p>In 2014 Armenia\u2019s international gross reserves slashed by 33.8% or $762.3 million to $1.489.3 billion against the background of the devaluation of the Armenian dram. The drop continued into 2015. In February the reserves fell to $1.260.9 billion.<\/p>\n<p>Foreign assets in freely convertible currency in June 2015 stood at $1.544.9 billion. According to the regulator, the Special Drawing Right (SDR) at the IMF at the end of the reporting period totaled $1 million. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank has commended Armenia&#8217;s Central Bank for purchasing $30 million saying in its monthly review of Armenia&#8217;s economy<\/p>\n","protected":false},"author":1,"featured_media":157472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12159,9216],"tags":[13982,15865,12346],"class_list":{"0":"post-89920","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange-market","8":"category-news","9":"tag-alleviates","10":"tag-central-bank-2","11":"tag-exchange"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/89920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=89920"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/89920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/157472"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=89920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=89920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=89920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}