Ex-mayor: Armenia has no funds to restore share of gold in int’l reserves
Baku, Azerbaijan, Jan. 19
The Armenian government has failed to thoroughly explain its decision about the sale of the precious items of the reserve fund, Armenian National Congress party member, former mayor of Yerevan, economist Vahagn Khachatryan told Armenian media.
“The government’s statement that precious items lose their value and relevance over time is unacceptable, as they become more expensive as time goes by,” he said.
"This decision requires more detailed expert justification,” he added. “The Armenian government must specify which precious items will be auctioned."
Khachatryan stressed that Armenia does not have sufficient budgetary funds and other sources of funding to restore the share of gold in international reserves.
The Armenian Central Bank made a strategic decision in late 2003 to abandon the gold reserve in its external gross assets. The central bank explained that action by high liquidity in the gold market in those years.