Yerevan /Mediamax/.  The reserves of Central Bank of Armenia (CB) are quite sufficient to prevent the artificial currency fluctuations.

Deputy Chairman of Central Bank of Armenia Nerses Yeritsyan said this at a governmental session today.

“The CB’s reserves are enough to ensure financial stability as well. Our reserves are equal to the circulated cash in drams”, he said.

Nerses Yeritsyan noted that the developments in the international markets and region including the major fluctuations on the exchange market resulted in dram devaluation in domestic exchange market and entailed some growth in fluctuations in the light of some expectations.

“The CB takes full responsibility to exercise its functions to stabilize the situation on the market. We have put into practice all the possible instruments and means particularly through regulation of realization on the Repo Market, with the help of pawn tools and exchange swaps and through various interventions in the exchange market to overcome the fluctuations. Besides the things conditioned by “external” shock, this specifications should naturally take place”, he said.

The CB Deputy Chairman assured that the stability of the banking system is also ensured and guaranteed by high level of equity.

“The assets and liabilities of the banks are in dollar; the banks also have high level of dollar realization - both cash and non-cash- which is also equal to the cash in circulation. In this regard, the banks should be able to cater to the needs of the citizens”, said Nerses Yeritsyan.