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Grisha Balasanyan

Armenia's Central Bank Says It Needs $67.8 Million for 2016

Armenia’s National Assembly is now debating the 2016 draft budget for the country.

Armenia’s Central Bank is asking for 32.7 billion AMD (US$67.8 million) for capital investments and basic operating costs.

Let’s take a look at some of these expenditures.

The bank wants to add one car to its fleet of 30 staff vehicles. It’s asking for 96 million AMD (US$199,000) to operate the entire fleet.

The bank also wants to spend 81 million AMD ($168,000) to replace three old cars and to purchase a mini-bus – 39 million for the bus and 14 million each for the three cars.

It is estimated that the entire fleet will consume 46.7 million AMD ($97,000) in gasoline.

In 2016, the bank says it wants to spend 54.2 million AMD ($113,000) on staff missions and appearances. That’s the same amount as this year.

Another 20 million AMD will go towards preparing films and videos about the bank and its activities.

A whopping 1.3 billion AMD ($2.7 million) is earmarked towards purchasing, building and renovating office space and buildings. Most will go towards constructing housing for bank employees in Dilijan where the headquarters of the central bank are now located.

Computer equipment related costs will increase by 23% to 1.8 billion AMD.

Average 2016 salaries for central bank employees is pegged at 586,000 AMD ($1,200)

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