Armenia’s gross international reserves slid 6.7% in third quarter

28.10.2014 15:32
Armenia’s gross international reserves slid 6.7% in third quarter

YEREVAN, October 28. /ARKA/. Armenia’s gross international reserves fell by 6.7% to $1,663 million in the third quarter, says the study on international reserve adequacy by the central bank.

The reserves dropped by 26% from the beginning of the year.

During 2014 gross international reserves dropped due to a reduction of about $300 million of the call accounts’ balance, as well as because of foreign debt servicing of $250 million, says the report.

The study says in 2013 Armenia’s gross international reserves rose dramatically from grants and loans totaling $270 million and from Eurobonds issue worth $690 million in the third quarter. Hence, the reserve was $2.4 billion at the end of Q3.

Impact of Russian debt service of $500 mln in Q4 2013 was neutralized by record-high increases in balances on demand accounts at the central bank in December. According to calculations, these funds that contribute to the international reserves rose by about $350 million in 2013. At the same time, the central bank purchased $72 million in the inter-banking market that led to a total of $2.25 billion in international reserves. –0--

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