06.07.2017 18:49
YEREVAN, July 6. /ARKA/. Armenia’s gold reserves will increase significantly very soon, the head of the Central Bank Arthur Javadyan said to journalists on Thursday. ‘At the moment we do not need gold reserves, but very soon its reserves will reach quite serious indicators, "Javadyan stressed.
He said a gold refinery is being built now in the country with an internationally renowned company. "I am confident that very soon we will have more gold reserves than before 2004," Javadyan added.
In late 2003 the Central Bank made a decision not to use gold in its external gross reserves and sold 1.4 tons of gold for $17 million. The move was explained by 'the high liquidity on the gold market.'
The Central Bank said at that time that 'the high correlation between gold and the euro means that even without gold in international reserves the necessary level of diversification can be maintained and at the same time the yield on international reserves can be raised."
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