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Armenian CB: There Is A US$700 Million Currency Liquidity Surplus In

ARMENIAN CB: THERE IS A US$700 MILLION CURRENCY LIQUIDITY SURPLUS IN COMMERCIAL BANKS IN ARMENIA

ArmInfo
2009-03-03 16:49:00

ArmInfo. There is a US$700 million currency liquidity surplus in
commercial banks in Armenia whereas national currency liquidity is
insignificant, Chairman of the Armenian Central Bank Arthur Javadyan
told media Tuesday.

He said that since the beginning of the global financial crisis, the
capital of local banks has increased by 40 billion drams. Their foreign
currency liquidity has grown by US$280 million and reached US$700
million. ‘This is the very amount in foreign exchange accumulated
at local banks’, he explained. A. Javadyan outlined that the banks
have raised about US$250 million long-term funds from international
financial organizations without state interference. ‘Banks are expected
to sell foreign currency and the economic entities that have bought
US dollars in the boom of the recent days will have to buy national
dram to continue activity, pay taxes in drams, get profits in drams
and repay credits also in drams. That is why demand for Armenian dram
will be high enough’, A. Javadyan said. He said that the monetary
policy of the Central Bank for the last months was aimed to ensure
financial stability, which has already brought results. ‘Our financial
system is in rather favorable state’, he said.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS
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