Armen Ktoyan
Board member
Armen Ktoyan was elected as a member of the Board of the Central Bank of Armenia by the National Assembly on October 24, 2025. He is also a member of the Audit Committee.
Prior to joining the Central Bank, Armen Ktoyan served as the Head of the Department of Statistics and Data Science at the Armenian State University of Economics, and was an independent member of the Board of Directors of “Fast Bank” CJSC. He has extensive professional experience in academic and research fields.
As a national expert and analyst, he has participated in programs and studies conducted by the World Bank, the United Nations, the European Union, and several reputable research organizations and foundations. These projects have focused, in particular, on evaluating the effectiveness of investments in the development of tourism clusters in Armenia, analyzing challenges related to strengthening the resilience of the Armenian economy and identifying solutions, studying time-use patterns in Armenia, developing strategic models and tools for social housing in the country, researching ways to improve the efficiency of education financing, and outlining pathways for improving the business environment under conditions of digitalization.
Armen Ktoyan graduated from the Engineering-Economics Faculty of the Yerevan State Institute of Economics (currently the Armenian State University of Economics), specializing in Mathematical Methods and Operations Research in Economics, earning the qualification of Economist-Mathematician. He holds a PhD in Economics and is an Associate Professor. He is the author of around 50 published scientific and research works and articles.
He is married and has two sons and a daughter.