The IMF’s representative in Armenia, Susan Jones, recently indicated that the Fund is dissatisfied with Armenia’s fulfillment of an IMF-sponsored reform program. Complaints include the fact that the Central Bank of Armenia has exceeded an agreed upon $100 million limit over 10 months for credits to the state budget. The use of hard currency reserves to sustain the national currency, the dram, has also exceeded expectations, and reserves have fallen from over $13 million in June to $4.5 million in November. In addition, structural reforms have been proceeding slowly — the average size of banking institutions is still too small and mergers have not been so widespread as to be improve this situation. The Armenian government is currently developing a program to reform the banking sector.
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