Armenia receives $100m from IMF as part of SDR allocation

YEREVAN, September 11. /ARKA/. Armenia received $100 million from the International Monetary Fun (IMF) as part of general allocation of Special Drawing Rights (SDR), IMF Resident Representative in Armenia Nienke Oomes told ARKA Agency.

On August 7, IMF Executive Board approved a general allocation of SDR for a total of 250 billion dollars to ensure liquidity in the global economic system through replenishment of foreign exchange reserves of the member states.

Funds are distributed between IMF-member states based on their quota holdings in the Fund. Armenia is to receive $100.6 million, Oomes said.

The Central Bank of Armenia received the amount at the end of August and can use it only for increasing its foreign exchange reserves, she said.

From the date of the general and special allocation the funds received by IMF member states under the new SDR allocations will be considered as part of their reserve assets.  Some members may decide to sell all or part of SDRs allocated to them to other members in exchange for hard currency.

Gross external assets of Armenian Central Bank grew by 46.1% pr $619.8 million to $1,963.1 million in the second quarter of this year. Substantial part of it - $1,963,073,016.09 - was international reserves (aggregate external assets in hard currency).  –0--