YEREVAN. – We can predict that by the end of the year, our currency reserves will be higher than in previous years. Governor of the Central Bank of Armenia (CBA), Artur Javadyan, said this in a conversation with journalists today.

“This year, as there was a significant surplus of foreign currency, we were able to buy a large amount of foreign currency. We haven't reached 500 million yet, but we bought a little less than 500 million this year. This is unprecedented. Even in the years when the currency was being revalued, we hadn't bought so much foreign currency in any year. The benefit of this is that we increase our external reserves. As compared to 9 months last year we have more than 250 million reserves than we had last year,” he said.

Javadyan noted that the increase in reserves may be beneficial for the country in several ways.

"The large amount of reserves brings about the solution of our country's problems, which means that our country has a greater potential, there are indicators of how many months of import it provides. We currently have the ability to cover 5-6 months of import.

“And the benefit of it is that we have injected so much money into the economy by buying dollars from the economy, which is also part of our expanding policy. This brings us to higher economic activity, and we have made some other changes to our mandatory storage, as a result of which we have injected about $300 billion into the economy," he said.

According to the CBA chief, the surplus of reserves indicates the inflow of capital.