Haykakan Zhamanak: Armenia’s foreign debt rising as foreign reserves shrink

Tue 16 Aug 2016 01:47 GMT | 05:47 Local Time

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Armenia’s foreign reserves decreased dramatically to 1.589 billion Drams (AMD 475 = USD 1) in July against the increasing foreign debt which amounts to AMD 4.4 billion as of January-June.

Citing official statistics, the paper says that the record is the lowest over the past nine months. For a comparison, it notes that in the post-crisis period in 2009 , Armenia’s foreign reserves amounted to $2 billion, the monthly records being $1.8-$1.9 billion in the subsequent years (2010-2014). Since 2015, however, the foreign reserves have been decreasing monthly to an estimated $1.5-$1.6 billion, the paper says, adding that the foreign debt was withing the range of $2.4 billion in 2009.

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