During the days of the recent Artsakh (Nagorno-Karabakh) war, about $170 million were donated to the Hayastan All Armenian Fund. It later became known that the Fund had transferred 52 billion 703 million drams—or $107 million—to the Armenian government in order to be used for funding infrastructure, social and healthcare expenditures due to the state declaring martial law; 168.am writes about this.
But according to some reports, part of the mentioned amount—which was in US dollars—was used in order to stabilize the foreign exchange rate in Armenia. In order to keep the fluctuation of the national currency—the dram—exchange rate within control in Armenia, the Central Bank has been actively intervening for the past few months to keep the dram exchange rate by selling currency from its reserves. Thus, according to reports, these “interventions” from the funds by the Hayastan All Armenian Fund have amounted to about $50 million.
It turns out that the 52 billion 700 million drams—or $107 million—were used not only to fill the gaps in the state budget, but also $50 million of that were injected into the currency market by banks close to the government to maintain the dram exchange rate. And the respective funds that were generated were returned to the state budget and the Central Bank, resolving two issues at once.