"We do not rule out the possibility of restoring Armenia's gold reserve", the chairman of the Central Bank of Armenia Arthur Javadyan said during the session in the Parliament.In late 2003 the Central Bank made a strategic decision not to use gold in its external gross reserves and sold 1.4 tons of gold for $17 million. The move was explained by 'the high liquidity on the gold market over the past few years.'
The Central Bank said at that time that 'the high correlation between gold and the euro means that even without gold in international reserves the necessary level of diversification can be maintained and at the same time the yield of international reserves can be raised."
Javadyan mentioned that, Armenia has no gold reserves; however, the government had completed negotiations with a major refining company on building a plant in Armenia. "In all likelihood next year we can offer banking gold, which will allow our jewelry companies to process gold in Armenia. In this situation, it would be a sin not to restore the country's reserves of gold," he said.