Armenian government has accumulated over 150 billion drams in reserve funds

01.04.2010 20:05
Armenian government has accumulated over 150 billion drams in reserve funds

YEREVAN, April 1, /ARKA/. Armenian prime minister Tigran Sarkisian said today the government has accumulated over 150 billion Drams in reserve funds on treasury accounts at the Central Bank. Addressing Cabinet members at a recurrent session he said the government has at its disposal also the stabilization fund that may be directed to solution of social and economic problems, ‘if we have unpredictable consequences of the crisis impact.’

‘As a matter of fact, our financial and macroeconomic stability did not shake last year and we have even managed to build up our reserve funds and this inspires hope that we are going to carry out all projects designed for this year,’ he said.

He also said, “ We, the government, will have to create positive expectations about economic growth because that will stimulate investments in our economy and on the other hand it is apparent that measures implemented by the government to curb inflation are productive.’

He added that the government is sure that the inflation rate will be curbed and reduced this year.

According to the Central Bank, Armenia’s international reserves in 2010 February shrank by $154.8 million from 2009 December to $1.848.6 billion. Assets in convertible currency at the end of February stood at $1.728.4 billion falling by $150. 3 million from 2009 December SDR funds dropped to $120.2 million from $124.7 million from late December. 2009. M.M. -0-


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