Կենտրոնական բանկ

(2019/3) The Central Bank of Armenia continued to pursue an expansionary monetary policy throughout the year starting from the fourth quarter of 2018 to the third quarter of 2019; it has notably neutralized the influence of the contractionary fiscal policy implemented during that period and the contractionary impact transmitted from the external sector on the inflation environment. However, the abovementioned influence in each of the following quarters proved more contractionary than expected, as a result of which the 12-month core inflation reached 1.1% at the end of the reporting period. This was coupled with the impact of deeper seasonal decline in prices of agricultural products in the third quarter of 2019, with the 12-month headline inflation subdued to 0.5% at the end of September

Status Report on Implementation of the Monetary Policy Program (Q4, 2018 - Q3, 2019)