Our Partners
The Central Bank of Armenia collaborates with various partners to fulfill its legislative mandate and ensure financial stability. Its key partnerships include society, financial system participants, the National Assembly, the Government, and international organizations. Through transparent communication, regulatory cooperation, and policy development, the CBA strengthens public trust, enhances financial inclusion, and aligns with global economic standards. These collaborations play a vital role in fostering economic growth, maintaining price stability, and promoting a resilient financial system in Armenia.
Society
The Central Bank of Armenia is accountable to the public for the implementation of its legislative mandate.
Through its public reporting, the Central Bank aims to increase confidence in its inflation-targeting policy in the area of price stability and policies to ensure financial stability in the country.
The Central Bank communicates openly and transparently to provide the public with comprehensive, current, accurate, and accessible information using a variety of communication tools.
The Central Bank contemplates its communications with the public and evaluates its main stakeholders’ approaches, viewpoints, and observations in the process of developing and implementing policy.
The Central Bank of Armenia is continually improving its approaches to public accountability and communication, one of the foundations of public trust in the institution.
Financial system
The main partners, financial system participants of the Central Bank of Armenia, ensure the implementation of the CBA’s policy targeted at raising public welfare. Providing diverse services under the current regulatory and supervisory framework, our partner financial institutions perform vital functions that represent a public good.
Due to the formation and the continuous preservation and development of this partnership, the financial system is in power to carry out functions ensuring the functionality of the economy, such as the fund transfers and payments, the formation and redistribution of capital, neutralization and absorption of risks caused by systemic and individual activities, financial inclusion, among others.
Under the current trends of the financial system development, the CBA strives to deepen its partnership with the financial system participants aiming to promote the development of a more consumer-centric financial system. The latter contributes to providing more efficient, fast, and convenient services to individuals, businesses, and the government.
The main communication platforms with the partners include the Union of Banks of Armenia and periodic discussions organized by the CBA to elaborate on new regulatory approaches.
National assembly
The Central Bank, or the national bank of the Republic of Armenia, is a body with a constitutionally independent status.
At the same time, the National Assembly, as a representative body of the people, elects the governing bodies of the Central Bank, the Governor and the other seven members of the Board of the Central Bank.
In addition to its duty to adhere to the highest public transparency standards, the Central Bank is accountable to one body, the National Assembly, in accordance with the Constitution. In particular, the National Assembly approves the administrative and capital expenditures of the Central Bank, and the Central Bank submits the annual report of its activities and statutorily mandated reports to the National Assembly.
The Central Bank and the National Assembly also cooperate in areas such as the consideration of legislative initiatives regulating the sphere of financial services and the activities of financial institutions and discussions on state budget implementation reports.
Government
As a partner and advisor to the RA Government, the Central Bank of Armenia plays a unique role in the work of developing and implementing the RA Government’s various economic assistance programs. In particular, the Central Bank of Armenia acts as a link between the RA Government and financial institutions, assisting with program development and the implementation of discussions with financial institutions regarding practical issues arising under existing programs, as a result of which recommendations for program improvement are summarized and periodically presented to the RA Government. The Central Bank of Armenia moreover directly contributes to the implementation of many assistance programs through its subsidiary organizations, especially through the provision of affordable financing resources.
In addition to the above, the Central Bank of Armenia has taken on the responsibility of implementing and coordinating the reforms of the RA digitalization agenda provided for in the 2021-2026 Action Plan of the Government of the Republic of Armenia.
The Central Bank of Armenia periodically organizes meetings and discussions with the participation of RA Government and relevant state agencies in which the results of research and analysis carried out by the Central Bank of Armenia regarding the macroeconomic situation in Armenia and further developments are presented. These are of great importance for the process of developing economic reforms and policy in Armenia.
International partners
Central Bank prioritizes the role and significance of international partnerships focusing on how these collaborations influence monetary policy, financial stability, and global economic integration. In an increasingly interconnected global economy, the engagement of the Central Bank with international partners has become essential for achieving its policy objectives. These partnerships encompass a range of collaborations with international organizations, standard setting bodies, foreign central banks and financial authorities, international financial institutions, and regional structures. By participating in global and regional collaborations, the Central Bank not only gains access to valuable financial and economic insights but also enhances its capacity to address cross-border challenges and align its policies with international standards.
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