Amberd Research Center published the summary of transactions for January 2018

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ASUE AMBERD Research Center has summarized transactions in financial markets of RA for January 2018.

According to the summary, during the month CBA has mainly used liquidity reducing instruments. As liquidity increasing instruments weekly repos with volume of 23 bln AMD were used. Unlike December 2017, when Central Bank purchased bonds of 3bln AMD from the market, it hasn’t implemented purchase of government bonds, and attracted deposits of 316.4 bln AMD.

The USD/AMD exchange rate hadn’t changed much in interbank market, but fell at 0.54% in intrabank. In interbank market there was no transactions in euro and Russian ruble markets, but in intrabank markets EUR/AMD and RUB/AMD grew in December– accordingly at 3.06% and 3.44%.

Trends in repo, swap and interbank loan markets has been mixed. The volume of OTC repo transactions increased in 2%, and repo with Eurobonds decreased in 46.8%. Trading volume in interbank loan market has grown - for AMD loans with 12.7%, and for USD loans with 52.1%. In swap market, the trading volume with USD has decreased with 31.1%, and as in previous month, there have not been any swap transactions in EUR.

Both primary and secondary government bond markets were quite active. But interest rates, although fell for short-term bonds, stayed on the same level for medium and long term bonds. Short-term bonds’ yield was 6.37% at the end of January (at the end of December it was 6.57%). Yields of medium-term and long-term government bonds were 14.35%.

Trading volume in corporate bond market, after increasing during previous month, fell with 23.7%. In stock market, after no transactions in December, there were transactions of 4.9 bln AMD.

Summary indicators of financial market.

Summary indicators of currency market.

Summary indicators of monetary policy of CBA.

Situation and development of financial markets in January 2018 /monthly overview/.

ASUE Media and Public Relations Division

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