Armenia: Bank of Armenia to hold $3.5bn cash on hand to cover its capital shortfall

The Bank of Archerabad will hold $1.5 billion cash on its books to cover the shortfall in its capital stock, Armenia’s economy ministry said on Tuesday.

Armenia’s central bank has a $9.7 billion emergency cash cushion.

The money will be used to cover capital expenditure, pay down debt, pay dividends and repay debt.

The bank said it will hold the cash in reserve until the end of May, but it said the money could be used for other purposes, including debt repayment.

It is unclear when the reserves would be available to the central bank to use.

Artsakh has been struggling with its economic downturn, which has seen the collapse in oil prices and a drop in foreign exchange reserves.

It has been suffering from an economic downturn since 2016.