ABOUT THE CBA
The Board of the Central Bank of Armenia consists of Governor of the Central Bank, two Deputy Governors, and five Board Members. Governor and Deputy Governors are appointed by the Republic of Armenia National Assembly for a 6-year term. Members of the Board of the Central Bank cannot hold other positions in the Central Bank.
Governor of the Central Bank is the highest official of the Bank. Governor is appointed by the Republic of Armenia National Assembly for a 6-year term.
Governor coordinates the activities of the Central Bank; represents the Central Bank in the Republic of Armenia, in other countries and international organizations; exercises authority not reserved to the competence of the Board of the Central Bank. Where Governor is absent or otherwise unable to act, such powers are to be vested with one of the Deputies, and where Deputies are absent or otherwise unable to act, such powers are to be vested with the eldest Board Member of the Central Bank.
Deputy Governors of the Central Bank are appointed by the Republic of Armenia National Assembly for a 6-year term.
During their tenure, Governor, Deputy Governors and other members of the Board of the Central Bank cannot hold position, not compatible with their status, in public or local self-governing bodies, be a member to any political party, or otherwise be engaged in political activity, be engaged in entrepreneurial activity, perform other paid work, except for scientific, educational and creative works. In public appearances, they must demonstrate political continence. Board Members, Governor and Deputy Governors of the Central Bank shall have the right to hold position, compatible with their status, in commercial undertakings organizations and foundations.
The degree of independence of the Central bank is one of the criteria for central bank governance system, which is mainly related to the independence of the monetary policy implementation.
Out of internationally recognized independence indices, the Cukierman’s and GMT indices have been chosen to measure the Central Bank of Armenia’s independence for 2013.
The Cukierman’s weighted index for the Central Bank of Armenia is 0.96 (maximum 1.0), the Cukierman’s simple index is 0.92 (maximum 1.0); the GMT index is 13 (maximum 16). See Independence Indices in the “Frequently Asked Questions” section of this website.