GOLD RESERVES ARE NOT FAVORABLE FOR ARMENIA, SAID PRESIDENT OF CENTRAL BANK

Lragir.am
13 June 06

The president of the Central Bank of Armenia announced June 13 that
it is not favorable for Armenia to have gold reserves in the upcoming
years. According to the president of the Central Bank, having gold
reserves is favorable when the foreign assets exceed the foreign debt,
reports the news agency ARKA. The gold reserve of Armenia was sold in
2003 when Tigran Sargsyan was the president of the Central Bank. Tigran
Sargsyan assures that the sale of the gold reserve was determined by
the necessity to transfer 3 billion dollars to the state budget of
Armenia. At that time the gold reserve totaled 15 million dollars,
while the foreign assets reached 770 million dollars.