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HAYKAKAN ZHAMANAK: CASH SHORTAGE REPORTED IN PROVINCES
'Haykakan Zhamanak' says that dram shortages were reported in Armenian
provinces yesterday. In particular, many citizens could not receive
their wages from ATMs and when they visited banks, they were told
that the banks did not have cash either.
"According to our sources, there are two reasons. First, people
received their wages for the end of the year and they are now spending
money on purchases ahead of the New Year. The Central Bank of Armenia
(CBA) recently raised the reserve requirement for foreign currency
from 12% to 24% so banks have to send a huge share of their cash in
drams to CBA and they lack cash drams. We were informed that many
banks had to sell their foreign currency to deal with the problem and
in this way the situation has improved in the past three days. Yet
this make many think that the financial market has not yet overcome
the December shock," the daily writes.
25.12.14, 12:43
http://www.aysor.am/en/news/2014/12/25/Haykakan-Zhamanak-Cash-shortage-reported-in-provinces/889710
'Haykakan Zhamanak' says that dram shortages were reported in Armenian
provinces yesterday. In particular, many citizens could not receive
their wages from ATMs and when they visited banks, they were told
that the banks did not have cash either.
"According to our sources, there are two reasons. First, people
received their wages for the end of the year and they are now spending
money on purchases ahead of the New Year. The Central Bank of Armenia
(CBA) recently raised the reserve requirement for foreign currency
from 12% to 24% so banks have to send a huge share of their cash in
drams to CBA and they lack cash drams. We were informed that many
banks had to sell their foreign currency to deal with the problem and
in this way the situation has improved in the past three days. Yet
this make many think that the financial market has not yet overcome
the December shock," the daily writes.
25.12.14, 12:43
http://www.aysor.am/en/news/2014/12/25/Haykakan-Zhamanak-Cash-shortage-reported-in-provinces/889710