06.10.2020 18:10
YEREVAN, October 6. /ARKA/. Armenia's external vulnerabilities, including high and growing net external debt, a relatively large structural current account deficit, a reliance on remittances and relatively weak FDI inflows, remain in place, Fitch ratings said in a report.
However, the balance of payments has been relatively stable since the initial phase of the coronavirus shock. Having depreciated 5% against the US dollar in March, the dram has returned to close to the pre-pandemic level since end-April. The Central Bank has not intervened since USD94 million of net FX sales in March and April to support the normal functioning of the FX market, and net interventions for the year as a whole are lower, at USD36 million.
Categories: 121, 144, Economy @en, General news, News, News of the hour | Comments Off on Fitch Ratings: Armenia's public debt to grow to 63% of GDP in 2020
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