Foreign exchange liabilities of Armenian central bank to government rise steeply in q2

YEREVAN, August 31, /ARKA/. Foreign exchange liabilities of Armenia’s Central Bank to the government (reflected in Armenian Drams) rose steeply in Q2 to 58.7 billion Drams from 1.15 billion Drams at the end of Q1, according to a Central Bank’s balance report for Q2. The report says that the Central Bank’s liabilities in Armenian Drams rose to 225.9 billion Drams from 158.2 billion Drams.

Therefore, Central Bank’s liabilities to the government in foreign exchange and Drams in Q2 rose 4.13 times to 284.6 billion Drams. According to analysts, the steep rise of the Central Bank’s liabilities has been caused by attraction of loans.

Central Bank’s aggregate liabilities as of June 30, 2009 totaled 926 billion Drams rising in Q2 by 226.5 billion Drams. According to the report, Central Bank’s hard currency liabilities rose by 21.4% in Q2 (by 45.1 billion Drams) to 255.3 billion Drams.

Hard currency deposits and accounts held in the Central Bank by other organizations reduced in Q2 by 13.4% from 144.7 billion Drams to 125.3 billion Drams.

Central Bank’s other borrowings in Q 2 rose from 15.9 billion Drams at the end of Q1, to 26 billion Dreams at the end of Q2. Other hard currency liabilities totaled 151.1 million Drams.

The report shows that 72.4% of all liabilities (670.8 billion Drams) of the Central Bank’s are in Armenian Drams. Their share rose from 70% to 72.4% at the end of Q2. The share of Dram liabilities rose by 25.4% from the beginning of the year (by 135.8 billion Drams).

Liabilities in Drams-banknotes and coins in circulation, rose by 10.6% (24.8 billion Drams) in Q2 to 258.9 billion Drams.

In Q2 deposits and accounts in Drams reduced by 5.5% (2.6 billion Drams) to 44.8 billion Drams. Other Dram liabilities as of June 30 totaled 855.3 million Drams. ($1 – 376.17 Drams). M.M. -0-