The Russia Journal
May 06, 2004, 10:16 (Moscow time)
At USD 400 an ounce, Armenia dispenses with its gold reserve
WORLD/CIS » :: May 05, 2004 Posted: 18:49 Moscow time (14:49 GMT)
YEREVAN – Armenia has sold its gold reserve, and the Armenian Central Bank
no longer will accumulate gold, Tigran Sarkisian, the bank chief, announced
at a press conference here. Sarkisian said the nation’s gold reserve of 1.4
tonnes was sold when gold prices reached USD 400 an ounce. The resulting
profit, he said, was USD 5.5 million.
‘Gold is considered a means of accumulating wealth. At the same time,
holding gold offers very little profit,’ Sarkisian said. He also explained
the drop in the value of the US dollar with respect to the Armenian drachma
as a result of a sharp rise in Armenia’s gross national product and a
consequent increase in demand for drachmas. He also noted last year’s sharp
rise in transfers from abroad to a total of approximately USD 450 million.
The dollar has fallen 5.3% against the drachma in the past 12 months.
/Rosbalt/