Status report on implementation of the monetary policy program 2009 (inflation report)
2010-02-23 11:39
(2009/4) SUMMARY
The main macroeconomic developments in the fourth quarter of 2009 were high inflationary environment and faster recovering global economy and domestic economies. Faster than expected increase of prices of raw materials and some food products in global markets, revived economy and strictly expansionary monetary and fiscal policy implementation during the year have resulted in notable acceleration of the rate of inflation in the fourth quarter, having persisted within the...
Status report on implementation of the monetary policy program 2009. Inflation report
2009-12-28 18:02
Summary
The main macroeconomic developments in the fourth quarter of 2009 were high inflationary environment and faster recovering global economy and domestic economies. Faster than expected increase of prices of raw materials and some food products in global markets, revived economy and strictly expansionary monetary and fiscal policy implementation during the year have resulted in notable acceleration of the rate of inflation in the fourth quarter, having persisted within the target until...
The Monetary Policy Programm of the Republic of Armenia Q3, 2009
2009-07-28 22:31
(2009/3) Actual indicators and developments in quarter II, 2009
The main factor that determined the inflation behavior and monetary policy directions in the second quarter of 2009 was faster rate of economic decline. Despite the dram depreciation and some spillover of inflationary pressures from international markets in early March and the rise in the main utility service tariffs since April, the domestic inflationary environment has been generally at a low level under faster-than forecasted...
The Monetary Policy Program of Republic of Armenia, 1st quarter, 2009
2009-05-22 16:34
(2009/1) The Monetary Policy Program of Republic of Armenia, 1st quarter,...
Inflation report. Monetary policy program Q2, 2009
2009-05-12 22:13
(2009/2) Actual indicators and developments in Q1, 2009
Diverse impacts of external and domestic economic factors determining price behavior came out as a distinctive mark for the first quarter of 2009. With the global demand further declining, a low inflationary environment in the external sector persisted throughout the quarter, having spilled over to Armenia’s commodity markets, as well. In the meantime, determined by the same factor, consumption and investment components of the...
The Monetary Policy Programm of the Republic of Armenia Q1, 2009 (adjusted)
2009-03-30 17:56
Forecasts for 2009 (adjusted forecasts)
In March 2009, with the world economic crisis persisting, the IMF and the World Bank revised the indicator of economic growth as they predicted decline instead of 0.5 percent growth, first time ever in the period after the end of WW2. Considerable decline in external demand, unfavorable terms of trade and slackening financial inflow will continue affecting the Armenian economy adversely. The reduction in world demand will also keep international prices...
The Monetary Policy Program of the Republic of Armenia Q1, 2009
2009-03-27 21:55
(2009/1) Performance and Developments in 4th Quarter of 2008
Inflation was 0.9% in the fourth quarter of 2008, while 12-month inflation fell by 6.1 percentage points over the previous quarter to reach 5.2%. Starting from Q2 2007 until Q3 2008 tightening of the monetary conditions by the CBA, together with the passthrough of the external sector deflationary environment impact in Q4 2008 allowed achieving the 4±1.5% inflation target.
Given the inflation developments in Q4 2008, CBA...
The Monetary Policy Program of the Republic of Armenia Q4, 2008. Inflation report
2009-02-20 15:34
(2008/4) Dear Reader,
The new articles 6 and 17 of the Republic of Armenia Law on Central Bank, which have become effective since January 1, 2008, require a change in the format and structure of reports which the Central Bank presents.Previously, the Annual Report of the Central Bank used to contain reports on inflation and financial stability, financial accounts of the Central Bank, the report on governance, and a statistical appendix.Now, according to the new requirement, the quarterly...
The Monetary Policy Program of the Republic of Armenia Q3, 2008. Inflation report
2008-11-07 14:06
(2008/3)Dear Reader,
The new articles 6 and 17 of the Republic of Armenia Law on Central Bank, which have become effective since January 1, 2008, require a change in the format and structure of reports which the Central Bank presents.Previously, the Annual Report of the Central Bank used to contain reports on inflation and financial stability, financial accounts of the Central Bank, the report on governance, and a statistical appendix. Now, according to the new requirement, the quarterly...
The Monetary Policy Programm of the Republic of Armenia 2008
2008-03-28 15:00
Principles of monetary policy
In 2008, the Central Bank of Armenia (the CBA) will continue the transition to a fully-fledged inflation targeting strategy. According to the Republic of Armenia Law on the Central Bank, the primary objective of the CBA is to ensure price stability: this is how the CBA contributes to an economic policy of attaining strong and sustainable growth in the long run. Given the current inflationary macro-environment in the Armenian economy and the expectations that...
The Monetary Policy Program of the Republic of Armenia 2008/4 (Inflation Report)
2008-02-12 10:25
2008/4 Dear Reader,
The new articles 6 and 17 of the Republic of Armenia Law on Central Bank, which have become effective since January 1, 2008, require a change in the format and structure of reports which the Central Bank presents.
Previously, the Annual Report of the Central Bank used to contain reports on inflation and financial stability, financial accounts of the Central Bank, the report on governance, and a statistical appendix.
Now, according to...
The Monetary Policy Program of the Republic of Armenia 2006
2006-12-19 22:16
2006 Introduction
The Monetary Policy Program has been prepared pursuant to the provisions of the Republic of Armenia Law on the Central Bank. It contains the following sections:
Macroeconomic Environment;
Fiscal Policy;
External Sector;
Directions and Trends of Monetary Policy in 2005
Inflation;
Main Objectives and Directions of Monetary Policy in 2006;
Banking Sector Developments;
Development of Payments and Settlements Relations
The Central Bank of the Republic of...
The Monetary Policy Program of the Republic of Armenia 2005
2005-01-27 17:36
(2005/1) Introduction
The Monetary Policy Program of the Republic of Armenia (the Program) has been prepared in compliance with the provisions of the Armenian Law on the Central Bank of the Republic of Armenia (ALCB). It consists of the following sections:
The macroeconomic environment;
Fiscal policy;
External sector;
Inflation;
Directions and trends of the 2004 monetary policy;
Main objectives and directions of the 2005 monetary policy;
Risks in implementing the monetary policy...
The Monetary Policy Program of the Republic of Armenia 2004
2004-01-22 19:21
2004 THE STRUCTURE OF THE MONETARY POLICY PROGRAM
The Monetary Policy Program 2004 of the Republic of Armenia comprises the development of the economy in the medium term. This includes retaining sustainable economic development and low inflation, further improvement of balance of payments, and enlargement of the financial sector by ensuring stability in the sector. The Program is built commensurate with the provisions of Armenian Law on Central Bank.
It presents the directions of the 2004...
The Monetary Policy Program of the Republic of Armenia 2003
2003-01-27 16:53
2003 Introduction
The Monetary Policy Program for 2003 is based on the directions of the medium-term economic developments, which include preserving achieved levels of economic growth and inflation; macroeconomic and financial stability; and continuous improvement of the balance of payments. The program is designed in accordance with the requirements of Armenian Law on “The Central Bank”. The program presents an analysis of developments in all sectors of the economy in 2002 under...