Armenian Central Bank reserves up 15.9%

March 18 2004

Armenian Central Bank reserves up 15.9%

Yerevan. (Interfax) – Gross international reserves at the Central
Bank of Armenia increased 15.9% or by $70.2 million to $511.9 million
in 2003, a source in the bank told Interfax.

The source said that the share of the euro in international reserves
last year increased to 24%. However, he did not say by how much this
share increased.

The source also said that the Armenian Central Bank reduced to
nothing the share of gold in the gross reserves in 2003. “This is due
to the fact that yields on gold investments have fallen significantly
recently, which has led to a reduction in the attractiveness of gold
as an investment asset,’ the source said.

As of January 1, 2003 the Armenian Central Bank’s gross international
reserves amounted to $441.7 million, of which gold accounted for
$15.7 million.