Central Bank to Partially Restore 1.5 Tons of Gold Sold During Tigran Sargsyan's Tenure

During the tenure of Tigran Sargsyan, the Central Bank's gold reserves were sold, considered a favorable transaction for that period. A question was raised in the National Assembly by Sergei Bagratyan, a member of the Prosperous Armenia faction, regarding whether steps are being taken to restore those reserves, and what reserves the Central Bank currently holds.

Central Bank Chairman Arthur Javadyan responded, "We had 1.6 tons of gold in our banking reserves. The reasons for selling were twofold; prices had risen, and there was a need for budgetary revenue. A decision was made because we were not obtaining profit from managing the gold, and instead, it was invested, yielding profit. Subsequently, efforts were made, and gold has become a very unreliable asset, with prices undergoing significant fluctuations. Today, there are much more reliable tools available," Javadyan stated.

According to him, work has been underway for two years with a prestigious Swiss firm, and a gold refining factory will soon open in Armenia. Thus, gold exporters will have the opportunity to not only export but also to hand over their gold to the factory and receive bank bullion in return, or sell it, allowing the state the chance to buy it in Armenian dram, the national currency. The Central Bank can also be a silent partner that contributes to solving the problem.

The Central Bank Chairman admitted that a certain amount of gold is expected to be restored.