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YEREVAN. - The conditions of the internal debt of Armenia became more favorable in 2016, as per the description of the macroeconomic situation in Armenia for 2016, attached to the report on State Budget performance.

The discussion of the report kicked off in the standing committees of the Armenian parliament on Monday.

The average profitability of the government bonds in 2016 lowered from 13.99 to 13.15 percent (reduction of profitability means less load for the state), their average maturity growing from 2065 to 2208 days. The overall volume of circulated state bonds made up 508,3 billion AMD (320,8 billion in 2015).

The reduction of profitability was caused by the decline in the discount rate of the Central Bank of Armenia (CBA) and (consequently) lowering of general market rates.

Holders of state bonds of Armenia are almost all residents of the country, as before. In 2015, the share of non-residents amounted to 0.2 percent, it being 1.6 percent in 2016.

This has to do with the facilitation of conditions for the purchase of state bonds from Nasdaq OMX local stock exchange by foreigners.

As of late 2016, the overall volume of the internal state debt made up 550 billion AMD.

In fact, in 2016 the emission of state bonds significantly grew. If the state budget deficit from internal sources was funded by 4.7 percent, that number already reached 38.6 percent in 2016. 

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