YEREVAN, AUGUST 3. ARMINFO. In January-June, 2004, Armenia's monetary
base decreased by 10.4% and totaled 106.3bln. AMD. According to the
preliminary data of the Armenian CB, in June it increased by 2.3%.

In January-June, 2004, in the monetary base structure net external
assets decreased by 9.2%, and in June alone increased by 4%., totaling
139.7bln. AMD. The CB-set AMD/USD average exchange rate totaled
558.18 AMD/US $1 in Jan-June, 2004, and 543.90 AMD/US $1 in June

According to the CB, net internal assets remained negative and
decreased by 5.1%, and increased 9.9% in June alone, totaling 33.4bln
AMD. This is accounted for by a decrease in government liabilities by
31.5bln. AMD, to a negative level of 32.3bln. AMD, these increasing by
13.3% in June. As regards bank liabilities, they increased by 5.8% in
January-June, 2004, and by 97.8% in June alone, totaling
9.1bln. AMD. Other assets, remaining negative, decreased from
12.3bln. AMD to 10.2bln. AMD in January-June inclusive, which is by
57.4% higher than the indicator of May.

The CB's monetary program for 2004 envisages a 9.1% average annual
increase in the monetary base and a 4.9% increase by the end of the