ARMENIAN FOREIGN CURRENCY RESERVES GAIN IN 2005

YEREVAN, JANUARY 12, ARMENPRESS: Armenian Central Bank said the country’s foreign currency reserves saw an increase of $174 million in 2005, reaching $750 million. In December 2003, Armenia sold its gold reserves to purchase foreign currencies.

At the time, the sale was profitable, though most central banks throughout the world currently maintain a certain amount of gold in their reserves. Concerning the current trend in the euro/dollar relationship, and the increase of euros in reserves, Armenia’s Central Bank said that because of international standards of openness and transparency in reserve data, decisions to purchase foreign currencies are not solely based on value, rather long-term profitability.