Communication Framework
This section discusses the Central Bank of Armenia's commitment to transparency and effective communication in its monetary policymaking, emphasizing the importance of clear objectives and enhanced public understanding to build trust and accountability with the public and other external stakeholders. It also describes the main communications toolkit the Central Bank uses to achieve these objectives, with links to the full suite of published monetary policy communications documents.
Transparency and effective communication of monetary policy are an essential foundation for building trust, credibility and understanding among the public, financial markets, and other stakeholders. The CBA uses a variety of communications tools to communicate its monetary policy decisions and framework to its various audiences. Our communications framework is built on the following foundational principles:
Clarity of Objectives: Effective communications begins with clearly articulating our policy objectives, tools and the framework we use to achieve these objectives. This clarity in objectives allows the public to easily understand the motivation behind our monetary policy actions and the framework within which we make policy decisions. Additionally, having clear and well-defined objectives helps to build trust and confidence in our decision-making process. This is also essential for evaluating Central bank’s performance regarding its policy objectives and maintaining accountability to the public. Learn more about our price stability objective.
Enhanced Public Understanding of Monetary Policy: By providing clear and consistent information about how policy is made, we aim to enhance public awareness and understanding of monetary policy. Our communications framework is designed to help the public understand how the Central Bank is thinking about the following three essential questions:
(1) Where is the economy now? (2) What are the underlying forces driving the economy? (3) What is the CBA doing with our policy instruments to achieve our policy objectives?
Our Commitment to Monetary Policy Transparency and Openness. The Central Bank of Armenia seeks to have high levels of transparency about its monetary policy as a cornerstone for greater accountability to the citizens of the country. To help the public better understand how policy is made, and to support greater trust and credibility in our monetary policy framework, we provide transparency into the monetary policy deliberations of the CBA Board. Transparent communications also means being open about the data and analysis that support policy discussions and decisions.
Comprehensive Communications Toolkit. To achieve these objectives, the CBA relies on a number of communications tools to explain monetary policy to the public. These include a combination of written reports, media briefings, interviews, and other channels. Some of these communications devices are more complex and are oriented toward technical audiences, while others are intended to be accessible and easily understandable by the general public. Even though monetary policy is highly complex, it is important for every citizen to have a clear understanding of it.
The communications framework for monetary policy at the CBA is described in greater detail in Monetary policy Communications framework.
Executive Monetary Policy Statement
With every monetary policy decision, we publish an Executive Monetary Policy Statement (EMPS) describing our decision. The Executive Monetary Policy Statement contains two parts: a statement by the Board of the CBA (stating the policy decision about the refinancing rate and explaining the rationale for the decision) as well as a high-level assessment of economic conditions and underlying forces.
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Monetary Policy Report
The Monetary Policy Report is the primary vehicle for monetary policy communication and is published on a quarterly basis.
The Monetary Policy Report is intended to present, in a streamlined but robust manner, the CBA’s implementation of its policymaking framework. This includes narrative-based explanations of current macroeconomic developments and underlying economic forces, an assessment of key policy-relevant risks, as well as illustrative scenarios.
The MPR begins with an assessment of the first two ingredients essential for economic analysis: where is the economy now, and what are the underlying forces driving the economy. The MPR frames this analysis within a discussion about how the CBA is managing current risks through a framework of least regrets. This includes a taxonomy of different types of shocks that may be relevant in the current policy round, reflecting a summary of the universe of major issues the Board and Staff of the CBA, as well as external stakeholders, are concerned about. Against this context, the MPR presents two or more illustrative case scenarios representing how the CBA could use its policy instruments in order to reach its objectives.
We publish the Monetary Policy Report each quarter, four times per year, following the publication calendar. The MPR is published on the same day as that quarterly monetary policy decision is made. This is intended to provide the public with sufficient detail and narratives that describe the framework and analysis that led to the decision in a near-real-time manner. For the remaining four decision dates (on interim decision days when the MPR is not published), the Executive Monetary Policy Statement (EMPS) serves as the main written communications device, providing a succinct summary of the Board’s decision and rationale, and the Staff’s economic analysis that supported the decision-making process.
Good forward guidance by the central bank must include a combination of qualitative and quantitative elements. In our communications, the policy strategy is presented through the publication of scenario-consistent policy paths. Most importantly, these policy paths are supported by accompanying narratives that highlight the connections between the macroeconomic stability risks present in scenarios, as well as their policy imperatives. Revealing the policy strategy through quantified and narrated examples—rather than via the algebra of policy reaction or loss functions—provides concreteness and improves accessibility. This is especially relevant for non-expert agents that are important to both price setting and building credibility in the central bank and its policymaking framework.
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Transparency Report
We publish a standalone document with each decision that clearly and transparently communicates the rationale supporting the Board’s decision. Its purpose is to help the public better understand how policy is made.
The CBA’s Transparency Report includes the following two documents:
- Minutes of CBA Board Meeting on the CBA Policy Rate: To support greater trust and credibility in our monetary policy framework, we provide transparency into the monetary policy deliberations of the CBA Board. By providing insights into the debates and discussion within the policy rate deliberations, our goal is to give the public a clear understanding of the factors and considerations that have shaped each decision. Our Minutes provide a comprehensive summary of the discussions during the policy rate meeting. It includes details about what Board members deliberated on with respect to economic conditions, key policy-relevant risks, and areas of uncertainty, along with any other relevant information. Importantly, the minutes are attributed, with attributed voting record, meaning that the names of policymakers and corresponding voting records are attached to their respective statements or positions taken during the discussions. This ensures very high levels of accountability by ensuring that Board members present their views (including potential dissent from majority opinion) in a publicly-known manner. The minutes are published on the same day as the policy rate decision.
- Final vote explanations: The law requires the CBA Board to make its decisions by majority vote, rather than consensus. This means that individual Board members may have differing opinions on key policy-relevant topics (including the final vote), which is a healthy part of the decision-making process in an open society. To provide the public with maximum transparency into how the decision is made and where there might be differences from the institutional view, we publish Final vote explanations by individual Board members. This document provides a brief, one-paragraph summary by each Board member describing how they voted and the rationale that supported their vote. This is an important means of ensuring accountability for individual Board members, while also providing Board members with a platform to present what they believe to be the most pressing and relevant risks and issues for the economic outlook. This provides a much richer view of the complex factors that are a key part of the monetary policy decision-making process.
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Monetary Policy Chart Pack
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Documents related to the decision on the Policy ratе (Аrchive)
Press Conference
Since June 2020, monetary policy decisions are announced and summarized in the Press Conference, led by the governor of the CBA. The press conference is intended for the general public and media, explaining the key elements of the decision and the supporting economic thinking in clear and easy-to-understand language. The press conference is live-streamed on our various online platforms (Facebook and YouTube) at 14:30 on each decision date.
Meeting with Financial Market Analysts
Since September 2024, for more technically-oriented audiences, such as market analysts, academics, commercial bankers, and others, a technical briefing is held the day following the decision on a quarterly basis. The technical briefing provides a platform for these audiences to ask technical questions about the CBA’s economic analysis, modeling tools, and so on. The Head of the Monetary Policy Department and members of the staff leading the projection round lead this meeting. Learn More