Monetary Policy Transparency Report (August, 2025)
2025-08-05 17:39
Monetary Policy Transparency Report (August,...
Monetary Policy Report (2025 Q2)
2025-06-17 17:55
Monetary Policy Report (2025...
Monetary policy program implementation report (Q2 2024 – Q1 2025)
2025-05-20 16:42
(2025.1) Monetary policy program implementation report (Q2 2024 – Q1 2025)
A low inflation environment persisted in the Republic of Armenia from the second quarter of 2024 to the first quarter of 2025 inclusive. However, during this period, the 12-month inflation accelerated, driven primarily by weak inflationary pressures spilled over from the external sector as well as the monetary policy implemented by the Central Bank of Armenia.
The period under review...
(2025/1) 2025 Q1 Monetary Policy Report Monetary Policy Program
2025-03-18 11:24
Global Economy
In Q1 2025, economic activity among Armenia’s main trading partners has been mixed. In the US, the strong economic growth and wealth accumulation observed in recent quarters create preconditions for continued expansion driven by consumption. However, uncertainty surrounding economic policy outlooks in recent months may restrain private demand in the near future. In Russia, high economic activity persists, largely supported by strong domestic consumption, particularly...
Monetary policy program implementation report (Q1 2024 – Q4 2024)
2025-02-25 14:39
(2024.4) Monetary policy program implementation report (Q1 2024 – Q4 2024)
A low inflationary environment persisted in the Republic of Armenia throughout 2024: the 12-month inflation continued to decline in the first quarter, it then gradually increased, floating in the positive territory since the second half of the year. These inflationary trends were primarily driven by the influences transmitted from the external sector and the monetary policy implemented by the Central...
(2024/4) 2024 Q4 Monetary Policy Report Monetary Policy Program
2024-12-10 17:56
Global Economy
In Q4 2024, economic activity among Armenia’s main trading partners has been mixed. On one hand, high economic activity persists in the US and Russia, driven largely by robust growth in domestic consumption, particularly in the services sector. On the other hand, activity in the China has slowed due to weakening domestic demand. In the Euro Area, economic growth, has slightly accelerated but remains low. Risks of slower economic activity globally remain latent....
Monetary policy program implementation report (Q4 2023 – Q3 2024)
2024-11-26 13:16
(2024.3) Monetary policy program implementation report (Q4 2023 – Q3 2024)
In the one-year period between the fourth quarter of 2023 and the fourth quarter of 2024, the inflationary environment in the Republic of Armenia has remained low; in the first half the 12-month inflation decreased, while in the second half it increased somewhat, floating in the positive territory at the end of the period. Such inflationary developments were driven mainly by deflationary pressures...
(2024/3) 2024 Q3 Monetary Policy Report Monetary Policy Program
2024-09-10 09:46
Summary of Economic Conditions
Global Economy - In Q3 2024, economic activity among Armenia’s main trading partners has been mixed; however, risks of weaker economic activity going forward continue to persist. Uncertainty continues to surround economic fundamentals in the US. On the one hand, despite an elevated policy rate in recent quarters, the US continues to experience strong growth, spurred by persistently robust consumption and domestic demand conditions. While...
Monetary policy program implementation report (Q3 2023 – Q2 2024)
2024-08-27 12:11
(2024.2) Monetary policy program implementation report (Q3 2023 – Q2 2024)
In a one-year horizon spanning a period from the 3rd quarter of 2023 through the 3rd quarter of 2024, the deflationary environment in the Republic of Armenia persisted. This was driven mainly by the deflationary effects transmitted from the external sector and the monetary policy implemented by the Central Bank of Armenia.
Given the influence of the persisting deflationary environment in...
(2024/2) 2024 Q2 Monetary Policy Report Monetary Policy Program
2024-06-11 15:56
Summary of Economic Conditions
Global Economy - In 2024Q2, economic activity among Armenia’s main trading partners has been mixed; however, risks of weaker economic activity going forward continue to persist. Despite an elevated policy rate in recent quarters, the US continues to experience strong growth, spurred by persistently robust consumption and domestic demand conditions. Amid these conditions, headline inflation, sticky prices, and wage growth all remain meaningfully above...
Monetary policy program implementation report (Q2 2023 – Q1 2024)
2024-05-24 09:50
(2024/1) In the one-year period from the second quarter of 2023 to the second quarter of 2024, a low-inflation environment was formed and sustained in the Republic of Armenia. Deflationary effects from the external sector, the monetary policy implemented by the Central Bank of Armenia, and the appreciation of the dram were the main factors that contributed to this. Taking into account the effects of a continued decrease in inflation due to deflationary influences from the external sector, a...
(2024/1) 2024 Q1 Monetary Policy Report Monetary Policy Program
2024-03-12 14:32
2024 Q1. Monetary Policy Report. Monetary Policy Program
Summary of Economic ConditionsGlobal Economy - In 2023H2, economic activity among Armenia’s main trading partners, has been mixed; however, the risks of weaker economic activity going forward are high. The US and Russia both continue to experience high rates of growth, despite continued contractionary monetary policy. On the other hand, the Eurozone is on the precipice of a recession,...
Status Report on Implementation of the Monetary Policy Program (Q1, 2023 - Q4, 2023)
2024-02-20 14:14
(2023/4) In the one-year period between 1st quarter of 2023 and 1st quarter of 2024, the inflationary environment in the Republic of Armenia has softened substantially. The 12-month inflation fell sharply in the first half of the year, forming around the level of zero since the second half. Such inflationary developments were attributable mainly to considerably weakened inflationary pressures transmitting from the external sector and even minor deflationary effects late in the year, as well as...
Inflation report 2023/4 (Monetary Policy Program Q4, 2023, Status report on implementation of the Monetary Policy Program, Q3, 2023)
2023-12-26 18:15
E X E C U T I V E S U M M A R Y
In the fourth quarter of 2023 the economic activity in the world and main trade partner countries to Armenia continues to slow down. The inflationary environment in the global economy is further easing asmonetary policies remain contractionary. And yet, the 12-month inflationrates in main trade partner countries are persisting above their target, and the central banks of these countries will, subsequently,keep monetary conditions relatively contractionary in the...
Status Report on Implementation of the Monetary Policy Program (Q4, 2022 - Q3, 2023)
2023-11-28 15:46
(2023/3) The inflationary environment in the Republic of Armenia has eased significantly in the time period from the fourth quarter of 2022 to the third quarter of 2023. This was primarily facilitated by the weakening of external inflationary effects, as well as the monetary policy implemented by the Central Bank of Armenia. In particular, there was a significant decrease in food and energy prices in international commodity markets from the end of 2022, mainly due to the contractionary...