International experts, academics and representatives from global financial institutions convened at the Dilijan Training and Research Centre on 2nd September for two days of connection, learning and dialogue. The Central Bank of Armenia hosted the symposium to mark 30 years of the Dram, and all that it represents for the Republic and people of Armenia. This is a cause for reflection and celebration, recognising the achievements of independence and financial stability, but it is also a defining moment. The global financial landscape is shifting and changing, and there are new challenges and opportunities to navigate if the CBA is to build on these achievements.

And this is the case for many central banks in central Asia and the Caucasus region, who introduced their own currencies three decades ago and have done the legwork of nation-building, central planning and strategizing to achieve financial stability. Rapidly unfolding new financial, geopolitical and technological developments constrained these institutions to come together to explore how to navigate this new environment: how to anticipate and prepare for the challenges, mitigate the risks, and capitalize on the opportunities.

The weekend-long symposium brought together leading academics and economists from around the world, including MIT and Princeton University, London School of Economics, and Asian Development Bank Institute, to provide statistical data, academic research, and valuable insights into economic trends and emerging patterns as a solid foundation for projecting, planning and strategizing. Speakers included governors and representatives from the Central Banks of Armenia, Iceland, Argentina, Georgia, Uzbekistan, Kazakhstan, Mongolia, Hungary, North Macedonia, Banque de France and Banca d’Italia, as well as directors of international organizations such as the IMF, and leading financial market experts.

Panel discussions were combined with short lectures to explore what the future of finance will look like, and what financial institutions need to do to adapt to this new environment. Sessions also considered the impact of factors like increased global fragmentation, economic weaponization, and the climate emergency on future patterns of capital flow, new opportunities for international economic cooperation, and how we might build a sustainable global financial system that serves the digital and green economy.

Above all, the goal of the symposium was to connect economists, Central Banks and financial organizations from around the world in an open and multi-faceted dialogue that explores different perspectives and insights into the global financial landscape, and to consider how we can collectively respond to the changing economic environment in a way that is mutually positive and strengthening.

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