RA Central Bank Operates at a Loss in 2004

RA CENTRAL BANK OPERATES AT A LOSS IN 2004
YEREVAN, APRIL 1, NOYAN TAPAN. In 2004, the RA Central Bank (CB)
incurred losses in the amount of 8.9 bln drams (about 19.1 mln USD)
against a profit of 10.3 bln drams in 2003. According to the RA CB
press service, the bank’s assets decreased 1.3% to 378 bln 803 mln
drams last year. In the year under review, the dram assets incresed
about 68.7% to 27.5 bln drams, while the cash amount of the gold and
foreign currency assets decreased 20.3% to about 263.6 mln drams. In
the same period, the CB’s liabilities grew 3.8% to about 377 bln 738
mln drams, 129.5 of this amount being foreign currency. The CB’s
authorized capital made 100 mln drams, its main reserve – about 9.8
bln drams.