How Do We Communicate Our Decisions?
As a socially responsible public institution, we strongly advocate for transparency and accountability as foundational and guiding principles.
At the Central Bank of Armenia (CBA), 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. Our commitment to clear communication and highest levels of transparency ensures the public and external stakeholders fully understand our decisions and the rationale behind them.
We use a comprehensive toolkit to communicate our monetary policy decisions. This includes written reports, media briefings, interviews, and online platforms, tailored for both general and technical audiences. A key part of our communication is the Executive Monetary Policy Statement (EMPS), which is published with each monetary policy decision. This document explains the CBA’s decision on the refinancing rate and provides a clear rationale for the decision. Additionally, the EMPS offers a high-level assessment of the current economic conditions and the underlying forces driving these conditions, ensuring the public understands not only what decision was made but also why it was made.
The Monetary Policy Report (MPR), published on a quarterly bases, is the primary vehicle of our monetary policy communications. 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. In addition, we hold a press conference after each decision, providing an accessible explanation of the decision for the general public and media. For more technically-oriented audiences, we conduct a quarterly Meeting with Financial Market Analysts, where experts can ask questions on our analysis and modeling.
As a socially responsible public institution, we strongly advocate for transparency and accountability as foundational and guiding principles. Every decision is supported by thorough data and analysis, which we publish alongside the relevant reports. Our Transparency Report includes documents like the Minutes of the CBA Board Meeting and Final Vote Explanations, offering insights into our deliberations and providing full accountability of Board members' views and voting records.
By openly sharing this information, we aim to make our decision-making process more understandable, foster public trust, and ensure that our policies align with our core principles of transparency and accountability.