Package of documents related to the decision on the refinancing rate

2025 Q4, Monetary Policy Report, Monetary Policy Program, December 16, 2025

Monetary Policy Decision, December 16, 2025

Monetary Policy Outlook, Q4 Policymaking Round, December 16, 2025

Transparency Report, December 16, 2025

Graphs and tables (2025 Q4)

Monetary Policy Chart Pack, 2025 Q4

Table 1. Summary of Votes on the CBA Refinancing Rate by Individual Board Member, December 16, 2025 Decision

Board Member

Vote

Armen Ktoyan

 Decrease by 25 bps

Narek Ghazaryan

 Keep unchanged

Levon Sahakyan 

 Keep unchanged

Artak Manukyan 

 Decrease by 25 bps

Davit Nahapetyan

 Decrease by 25 bps

Hovhannes Khachatryan

 Keep unchanged

Martin Galstyan

 Decrease by 25 bps