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Armenia’s international reserves managed by the Central Bank of Armenia began declining again, ‘Haykakan Zhamanak’ daily writes noting that in July alone, the international reserves of the country declined by over $50 million.

“As of June 1, 2015 our international reserves amounted to $1 billion 598 million, while as of July 1 the reserves amounted to $1 billion 546 million. The international reserves hit a low of $1 billion 261 million in February of this year. Yet the money received from the issuance of Eurobonds was allocated to increase the international reserves.

So Armenia’s foreign debt has grown, but it was accompanied by an increase in international reserves. Now the foreign debt of the country continues to rise amid a decline in reserves,” the paper says.