YEREVAN, July 31. /ARKA/. Armenia's international reserves amounting to $5.9 billion provide coverage for more than four months of imports and at this stage serve as a reliable protection against external shocks. This was stated by former Finance Minister Vardan Aramyan in an exclusive interview with the agency 'ARKA'.
According to him, the adequacy of international reserves is evaluated not only by their absolute volume but also by the number of months of goods and services imports they can cover.
"In Armenia, the average monthly volume of goods and services imports is about $1.4 billion. Therefore, reserves of $5.9 billion provide coverage for more than four months of imports, with a minimum safe benchmark of three months," said Aramyan.
At the same time, he warned that international reserves cannot serve as a permanent source of financing for external imbalances.
If the current account deficit remains at a high level, and exports, tourism receipts, and remittances significantly decrease, reserves may begin to decline over time.
"At this stage, such a level of reserves provides protection, but only if external shocks are not prolonged and extensive," emphasized the former minister.
According to Fitch Ratings, Armenia's international reserves reached a record $5.9 billion by the end of May 2026, thanks to the Central Bank's purchase of dollars on the domestic market. Since the beginning of the year, the regulator has acquired about $1.1 billion in foreign currency reserves. Fitch also predicts that by 2028, reserves will cover 3.6 months of current external payments, compared to a median of 4.5 months for countries rated in the 'BB' category. Gold is not included in the structure of Armenia's international reserves.
