IT IS USEFUL TO ACCUMULATE GOLD WHEN THE COUNTRY HAS NO DEBT

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[07:15 pm] 13 June, 2006

The deputies of the Opposition frequently recall the fact that Central
Bank embezzled the supplies of gold.

Today seizing the opportunity when the president of CB was presenting
the review of 2005 in the Parliament, secretary of “Justice” bloc
faction Viktor Dallakyan announced that developed countries accumulate
gold in their reserve funds whereas Armenian CB has sold the gold
supplies. “Who is to answer for this act?”

The question was immediately answered by president of CB Tigran
Sargsyan who informed that CB got great profit from the sale; about 3
milliard AMD. “The bargain was concluded in 2003, this is an attempt to
lead the public into delusion that Armenian has suffered great losses.”

CB sold the gold as we were to provide 30 milliard AMD income as we
were to enter the budget certain sum of money planned in advance,”
Tigran Sargsyan briefed the journalists.

“Gold supplies in the gross actives are of little significance,
today we have gross actives of 770 million USD whereas gold was
only 15 million USD and now they try to instigate discord on that
15 million USD which was insignificant for our population,” noted
CB president and added the gold price changes rather frequently and
countries having more outer debt than gross actives don’t keep gold
as a means of currency while controlling their actives. Gold has the
function of accumulating wealth in richer countries.

“It is useful to keep gold when the gross actives of the country are
more than the debts. The situation is quite different in our country;
our outer debt surpasses the gross actives and it is too early to
dream of accumulating gold. RA will not counter such problem in
close future.”