Wednesday, 26 September

Central Bank Chairman and Wife Increase Foreign Cash Holdings

Armenia’s Central Bank Chairman Arthur Javadyan and his wife appear to be doing quite well financially despite the current economic situation in the country.

By converting their AMD holdings into U.S. Dollars and Euros, the couple is amassing a large nest egg via interest income.

Let’s compare Arthur Javadyan’s bank deposits in 2011 and 2012.

In 2011, he had 125 million AMD, $410,000 and 165,000 Euros in the bank. The following year he reported 105 million AMD, $435,000 and 205,000 Euros. These figures increased slightly in 2013 – 110 million AMD, $470,000 and 211,000 Euros.

Chairman Javadyan’s financial disclosure shows 36.484 million AMD in revenue for 2013. 26 million was from wages, $100,000 from company dividends, and 1.765 million AMD in loans.

The $100,000 in dividends probably came from a company called Artsakh HEK CJSC, which owns and operates mini hydro-plants.

The remainder of his revenues derives from interest from loans he has allocated.

Javadyan also grants loans in foreign currency, for which he has netted $37,136 and 1,641 Euros in interest.

Hasmik Manoukyan, his wife, has also seen her AMD deposits drop and her foreign currency holdings increase.

In 2011, Manoukyan had 210 million AMD, $325,000 and 340,000 Euros. By 2013, these amounts changed to 75 million AMD, $450,000 and 390,000 Euros.

In 2013, she reported the following revenue: 28.336 million AMD, $9,574 and 4,930 Euros.

Only 6.5 million AMD derived from wages, the remainder was from rents and loan interest.

Photo: Arthur Javadyan (Central Bank website)

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