As of late November, Armenia's international reserves amounted to $3.5 billion, according to a report from the country's Central Bank.

Over the year 2022, intermediate reserves increased by $288 million, or 8.9%, Hetq reports.

Throughout the year, the highest level of international reserves was recorded in September, after which it began to decline.

The change in international reserves is mainly affected by the increase in public debt, debt service and the sale of foreign currency in the domestic market.

Armenia's international reserves are almost entirely held in foreign currency. There is no gold in the reserves.

The country's public debt is about $10 billion. As of the end of June, most of the state debt of Armenia (65%) is external debt.