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Javadyan: $700mln Accumulated In Armenian Banks

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  • Javadyan: $700mln Accumulated In Armenian Banks

    JAVADYAN: $700MLN ACCUMULATED IN ARMENIAN BANKS

    ARKA
    March 3, 2009
    YEREVAN

    Total volume of currency accumulated by Armenian banks amounts to
    $700mln, said Chairman of the Central Bank of Armenia (CBA) Artur
    Javadyan.

    "From the beginning of the crisis up to now, the capital of Armenian
    banks increased by 40bln AMD and liquidity by $280mln. Today liquidity
    of banks amounts to $700mln, which means today currency accumulated
    in banks amounts to $700mln," he told reporters on Tuesday.

    Besides, Javadyan noted banks managed to attract some $250mln of
    long-term credit means from well-known international financial
    institutions without any state intervention.

    He stated the monetary and credit policy aimed at solving issues of
    financial stability gave significant results and stressed it will
    soon be aimed at ensuring stability of prices.

    "Our interventions in stock exchange will be minimal and will have
    a nature of soothing sharp currency changes," he explained.

    On Tuesday, the CBA made a decision to abridge its interventions in
    the foreign exchange market, returning to the policy of the floating
    exchange rate. The CBA experts forecast that the "average weighed
    U.S. dollar exchange is expected to range from 360 drams to 380 drams
    per $1".
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