Annual Report 2019
Central Bank of the Republic of Armenia
15. Investment securities (continued)
In thousands of Armenian Drams
Debt securities at FVOCI in foreign currency
ECL as at 1 January 2018
New assets originated or purchased
At 31 December 2018
16. Operations with the International Monetary Fund
Assets due from the IMF
In thousands of Armenian Drams
Placements with the IMF
Notes to the 2019 consolidated financial statements
Stage 1
Total
11,999
11,999
11,999
11,999
31 December
2019
31 December
2018
Membership quota in the IMF (subscription)
SDR holdings in the IMF
Accrued interest
Total placements with the IMF
85,438,192
2,953,756
6,282
88,398,230
86,655,352
2,887,490
5,655
89,548,497
The Republic of Armenia is a member of the International Monetary Fund. The Bank holds the quota for the Republic of
Armenia membership in the IMF.
The quota balance is a special type asset. Quotas vary based on the economic size of each country and are determined
by the Board of Governors of the IMF. The quota determines a member's voting power in the IMF, the limits of access to
the financial resources of the IMF and a participant's share in the allocation of SDRs, the IMF's unit of account. The 75%
of the quota of the Republic of Armenia was paid in the form of non-interest-bearing promissory notes issued to
the IMF by the Bank. As at 31 December 2019 the quota of the Republic of Armenia in the IMF amounted to
SDR 128,800 thousand, or AMD 85,438,192 thousand at the year-end official exchange rate of Armenian Dram to SDR
(2018: SDR 128,800 thousand or AMD 86,655,352 thousand at the year-end official exchange rate of Armenian Dram
to SDR). The quota does not earn interest and is a non-current asset.
The Bank maintains an SDR-denominated current account with the IMF used for processing and settlement of
transactions with the IMF. This current account earns interest based on the SDR Interest Rate which is published by the
IMF on a weekly basis.
Movements in SDR holdings account during the years ended 31 December 2019 and 31 December 2018 were as follows:
In thousands of Armenian Drams
Balance of SDR holdings as at 1 January
Purchase of SDRs
2019
2,887,490
37,649,890
2018
3,491,637
34,626,810
Repayment of loans to the IMF:
On behalf of the Bank
PRGT
EFF
On behalf of the Government
(4,182,497)
(2,867,948)
(17,289,350)
(15,701,960)
PRGT
(13,514,842)
(13,831,234)
Payment of loan related commission
Other fees
(76,712)
(913)
(1,011)
Payment of interest for use of the IMF resources:
On behalf of the Bank
(2,003,820)
(2,201,503)
Payment of interest for use of funds received under SDR allocation
(611,525)
(526,439)
Income on SDR holdings
23,945
19,568
Translation differences
Balance of SDR holdings as at 31 December
(120,430)
2,887,490
The amounts of transactions in the table above are represented in AMD equivalent at SDR/AMD exchange rates at the
dates when each of transactions had place.
72,090
2,953,756
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