Inflation report 2019/4 (Monetary Policy Program Q4, 2019, Status report on implementation of the Monetary Policy Program, Q3, 2019)
2019-12-23 17:13
The low inflation environment persisted over the fourth quarter of 2019, and the Central Bank of the Republic of Armenia (the Central Bank) continued carrying out an expansionary monetary policy.
In view of the current monetary policy and expected economic developments, the 12-month inflation will be running at a low level for a while; at the end of 2019 it will be in the range of 0.8-1.2%. On the back of the current macro-environment, the Central Bank prefers to inflation recovering gradually...
Status Report on Implementation of the Monetary Policy Program (Q4, 2018 - Q3, 2019)
2019-11-29 22:36
(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,...
Inflation report 2019/3 (Monetary Policy Program Q3, 2019, Status report on implementation of the Monetary Policy Program, Q2, 2019)
2019-09-24 07:04
Inflation report 2019/3 (Monetary Policy Program Q3, 2019, Status report on implementation of the Monetary Policy Program, Q2,...
(2019/2) Status Report on Implementation of the Monetary Policy Program (Q3, 2018 - Q2, 2019)
2019-08-30 22:05
(2019/2) Status Report on Implementation of the Monetary Policy Program (Q3, 2018 - Q2,...
Inflation report 2019/2 (Monetary Policy Program Q2, 2019, Status report on implementation of the Monetary Policy Program, Q1, 2019)
2019-06-21 06:50
Inflation report 2019/2 (Monetary Policy Program Q2, 2019, Status report on implementation of the Monetary Policy Program, Q1,...
Inflation report 2019/1 (Monetary Policy Program Q1, 2019, Status report on implementation of the Monetary Policy Program, Q4, 2018)
2019-03-26 06:44
Monetary Policy Program Q1, 2019, Status report on implementation of the Monetary Policy Program, Q4,...
Inflation report 2018/4 (Monetary Policy Program, Q4, 2018, Status report on implementation of the Monetary Policy Program Q3, 2018)
2018-11-27 18:02
Executive summary
In the fourth quarter of 2018, both headline and core inflation rates slowed down to a certain extent. Under an expansionary monetary policy implemented by the Central Bank and expected economic developments, the 12-month inflation rate will behave steadily, remaining close to the lower part of the confidence band; in the forecast horizon it will stabilize around the 4% target.
A low inflation environment persisted during the third quarter and the 12-month inflation...
Inflation report 2018/3 (Monetary Policy Program Q3, 2018, Status report on Implementation of the Monetary Policy Program Q2, 2018)
2018-08-27 17:52
Executive summary
In the second quarter of 2018 inflation slowed down to a certain extent, driven by the fall in prices of seasonal products. However, under current monetary policy, the 12-month inflation rate is expected to increase over the second half of the year, remaining within the confidence band; in the forecast horizon it will stabilize around the 4% target.
Positive developments in the macroeconomic environment carrying on in the short run will largely facilitate the fulfilment of...
Inflation report 2018/2 (Monetary Policy Program Q2, 2018. Status report on implementation of the Monetary Policy Program, Q1, 2018)
2018-05-29 17:41
Executive summary
Inflation slowed down to a certain extent in the first quarter of 2018, driven by the fall in prices of seasonal products. However, under current monetary policy, inflation will continue expanding over 2018, fluctuating within the confidence band; in the forecast horizon it will stabilize around the target.
Positive developments in the macroeconomic environment expected in the short run will largely facilitate the fulfilment of the 12-month inflation target, owing to...
Inflation report 2018/1 (Monetary Policy Program Q1, 2018. Status report on implementation of the Monetary Policy Program, Q4, 2017)
2018-02-23 17:30
Executive summary
According to the Q1, 2018 Monetary Policy Program of the Central Bank of Armenia (“the Central Bank”), inflation will somehow expand in the upcoming months, fluctuating within the confidence band; in the medium-term perspective it will stabilize around the 4% target.
Positive developments in the macroeconomic environment expected in the short run will largely facilitate the fulfilment of the 12-month inflation target, owing to still visible influence of...
Inflation report 2017/4 (Policy Program Q4, 2017. Status report on implementation of the Monetary Policy Program Q3, 2017)
2017-11-24 18:59
Executive summary
According to the Q4, 2017 Monetary Policy Program of the Central Bank of Armenia (“the Central Bank”), inflation will continue expanding, stepping in the confidence band in the upcoming months; in the medium-term perspective it will stabilize around the 4% target, influenced by the pace of the monetary policy.
Positive developments in the macroeconomic environment expected in the short run will largely contribute to the recovery of the 12-month inflation rate,...
Inflation report 2017/3 (Monetary Policy Program Q3, 2017. Status report on implementation of the Monetary Policy Program Q2, 2017)
2017-08-25 18:50
Executive summary
According to the Q3, 2017 Monetary Policy Program of the Central Bank of Armenia (“the Central Bank”), up until the end of 2017 the inflation will continue expanding, shaping within the confidence band; in the forecast horizon it will stabilize around the 4% target.
Positive developments in the macroeconomic environment expected in the short run will primarily contribute to the recovery of the 12-month inflation rate, owing to relatively high activity observed in...
Inflation report 2017/2 (Monetary Policy Program Q2, 2017. Status report on implementation of the Monetary Policy Program Q1, 2017)
2017-05-26 18:33
Executive summary
The economic activity in the first quarter of 2017 has been strong enough compared with the forecasts, primarily due to higher output in industry and services sectors. Consequently, the Central Bank of the Republic of Armenia (“the Central Bank”) has revised the 2017 economic growth forecast upside. In the forecast horizon the economic growth will accelerate, gradually approaching the long-term equilibrium. In the first quarter of 2017 the deflationary environment...
Inflation report 2017/1 (Monetary Policy Program Q1, 2017. Status report on implementation of the Monetary Policy Program, Q4, 2016)
2017-02-24 18:17
Executive summary
The monetary policy the Central Bank of the Republic of Armenia (hereinafter “the Central Bank”) carried out in 2016 was expansionary and aimed at softening the existing deflationary environment, in view of the macroeconomic situation and inflation developments at the time. The consistency by which the Central Bank attempted gradual easing of monetary conditions proved effective since inflation expectations had reduced significantly amid persistently low...
Inflation report 2016/4 (Monetary Policy Program Q4, 2016. Status report on implementation of the Monetary Policy Program Q3, 2016)
2016-11-25 06:59
Executive summary
Notwithstanding continued sluggishness in global economic growth rates, main trade partner countries to Armenia saw their economic activity further accelerating in the third quarter of 2016, reflecting an increased external demand for export goods from the Republic of Armenia and positive developments in Armenia’s tradable sector of the economy. Yet, the economic growth reported for the first half of the year was considerably lower than expected in the third quarter....