YEREVAN.- The size of the financial losses of Armenia’s Central Bank (CBA) in 2010 exceeded total reserves by about $ 59.7 million ( AMD 21.8 billion ), says the note provided by Finance Ministry to the Armenian government.

According to the Law on Central Bank, in this case the government must provide the CBA with a promissory note as it did under the August 18 decision.

As of last year, the Central Bank received a bill amounting to about $ 152.3 million (AMD 55.6 billion), as it is not the first year CBA is operating at a loss. The government simply replaced the bill worth AMD 55.6 billion by a bill amounting to AMD 80 billion.

The Central Bank may demand repayment of the bills (this can be done by at the expense of  state budget).

CBA staff is paid one of the highest salaries in the country. The average wages in the Central Bank makes $1,104 (AMD 403,000), while the CBA head gets $ 3,700 (AMD 1.35 million) per month.