PM reports highest level of Armenian international reserves in 6 years

As of late August of 2019 Armenia’s international reserves comprise nearly 2,3 billion dollars, which is a growth of nearly 230 million dollars against last year’s same period, Prime Minister Nikol Pashinyan said at a press conference in Vanadzor.

As contributing factors to the growth the PM pointed out the Central Bank’s acquisition of nearly 351 million dollars of respective foreign currency, which is a result of surplus of foreign currency in the domestic market.

“The current level of reserves has never been higher since 2013. We have a historically highest level of international reserves. The 2013 indicator is associated with the issuance of Eurobonds, when we brought large quantities of currency and recorded it in our reserve. Now, when we will issue new Eurobonds, from that moment we will have the highest level of Armenian international reserves de jure, whereas at this moment Armenia’s international reserves haven’t been more ever before de facto,” the PM said.

He said that as a result of 2018-2019 improvements of tax administration the volume of the black market is already significantly dropping. He said it is expected that the tax-GDP indicator will grow and reach 22,3-22,5% in 2019.