Armenia’s gross international reserves (GIR) fell by 17.3% year-on-year as of August 2024, reaching $3.411 billion, according to data from the Central Bank of Armenia, and ArmInfo.
This marks a decrease of $715 million compared to the same period last year.
Of the total GIR, $3.404 billion is held in foreign assets in freely convertible currency (FCC), while the country’s Special Drawing Rights (SDR) in the International Monetary Fund (IMF) stand at $7.8 million.
During the first seven months of 2024, Armenia’s GIR dropped by 5.3%, or $191.1 million, largely due to a 5.5% reduction in foreign assets in FCC.
In the first half of 2024, the Central Bank of Armenia only intervened in the foreign exchange market during the second quarter, purchasing a total of $256.5 million, according to ArmInfo.
Despite the overall decline in reserves, in June 2024, the IMF Board granted Armenia access to an additional 18.4 million SDRs (approximately $24.5 million) under a stand-by agreement.
