Yerevan /Mediamax/. The sale of Armenia’s stock of gold in 2003 was justified from the economic## point of view, Deputy Chairman of the Central Bank (CB) of Armenia Vache Gabrielyan stated in Yerevan today.

Mediamax reports that Vache Gabrielyan noted that in 2003 no one could suppose that as a result the price for gold would grow threefold, and the decision on sale was made by the Armenian CB, basing on rational considerations.

“The sale of Armenia’s stock of gold represented a substitution of one asset by another, in this case by pound sterling, and the decision was conditioned by the high profitability of the English currency, as compared to gold”, Vache Gabrielyan stated. He added that at the time of the stock of gold sale, the profitability of gold made 0.25-0.5%, while the profitability of pound sterling - 3.5%.

“Thus, at that moment the deal was profitable, especially since gold is not the best asset from the point of view of fluctuations”, CB Deputy Chairman stated.