YEREVAN, December 20. /ARKA/.   The AMD remained mostly stable in November. As of December 4, the AMD/USD exchange rate stood at AMD 403.1, which is 1.8 percent weaker (yoy), the World Bank says in its Armenia monthly economic update – December 2023.   

In November, international reserves decreased by USD 177 million (Figure 5), pushing import coverage down to 3.1 months. In October the Government bought back USD 188 million of a USD 500 million Eurobond due in March 2025.

The budget recorded a high deficit of AMD 93.6 billion in October, bringing the cumulative budget surplus at end September to a deficit of AMD 19 billion for January-October 2023. 

Tax revenues grew by 15 percent (yoy) in October, driven mostly by an increase in VAT (up 28 percent, yoy) due to higher consumption. Expenditure grew more rapidly, by 24 percent (yoy), mostly due to a 24 percent increase in current expenditure. 

This was driven by 32 percent higher social spending and 60 percent higher subsidies, reflecting cash transfers and other assistance to Nagorno-Karabakh displaced people. .  ($1 - AMD 405.54). --0—