Armenia's central bank issued Apr. 7 the data on the country's foreign exchange reserves, and the country's foreign currency reserves stood at $1.491 billion as of Apr. 1.
"At first glance, this is good news," said the Haykakan Zhamanak Armenian newspaper. "But the question is that throughout the last year, the country's reserves were constantly and consistently declining, reaching from $2 billion to $1.26 billion, and in March they immediately rose by $230 million."
"However, as it turns out, from the $500 million loan, raised a few weeks ago through Eurobonds, some $300 million were directed to replenish the foreign reserves," said the article in the newspaper.
The article said it turns out that after the replenishment worth $300 million, the reserves rose by only $230 million.
"A simple arithmetic shows that in only one month, $70 million were spent from the country's foreign reserves. If all this continues on this pace, in a few months, they [the foreign reserves] will be completely exhausted," the newspaper said.