|
Compliance Details javascript:commonShowModalDialog('{SiteUrl}/_layouts/itemexpiration.aspx?ID={ItemId}&List={ListId}', 'center:1;dialogHeight:500px;dialogWidth:500px;resizable:yes;status:no;location:no;menubar:no;help:no', function GotoPageAfterClose(pageid){if(pageid == 'hold') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+'/_layouts/hold.aspx?ID={ItemId}&List={ListId}'); return false;} if(pageid == 'audit') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+'/_layouts/Reporting.aspx?Category=Auditing&backtype=item&ID={ItemId}&List={ListId}'); return false;} if(pageid == 'config') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+'/_layouts/expirationconfig.aspx?ID={ItemId}&List={ListId}'); return false;}}, null); 0x0 0x1 ContentType 0x01 898
|
MONETARY POLICY
Transparency
To make sure its activity is open and transparent, CBA publishes a number of periodicals that present the country's macroeconomic indicators, the pace of implementation of monetary policy, CBA activities, the payment and settlement system, and other indicators.
- Main trends of economic development and financial markets:
- Short qualitative profile of the macroeconomic situation, brief analysis of the main macroeconomic indicators and the evaluations for the future, and, where appropriate, analysis of special commodity markets;
- Brief analysis of the main indicators describing financial markets and the evaluations for the future.
- Summary of discussions held at the CBA Board meeting relative to setting of CBA interest rates.
- Decision on the Interest rates of the monetary policy instruments.
"The CBA Bulletin" is published on a monthly basis, and contains standard and individual decisions of CBA Board, CBA chairman decisions relative to objectives and functions of CBA, as well as other legal acts, the Monetary Overview and Statistical Annex. In the Monetary Overview, the Minutes of the CBA Board meeting on CBA interest rates are published completely.
The CBA publishes on a quarterly basis, "The CBA Review" which includes the developments in the Armenian financial sector, quarterly balance sheet of the CBA and an appendix of statistical information on the main macroeconomic and monetary indicators, volumes and interest rates as well as information on Armenia's international reserves structure. The periodical contains research and analytic works by the CBA staff.
"The CBA Statistical Bulletin", which is published on an annual basis, covers the real and external sectors' indicators, state budget figures, monetary indicators, international reserves, and data on financial market instruments, interest rates and exchange rates, as well as loan investments and deposits of commercial banks and credit organizations, the main indicators and these banks and their compliance with the normative standards, and data of the payment and settlement system.
The quarterly periodical "The Monetary Policy Program" presents the previous quarter's macroeconomic environment and inflation, forecasts for the upcoming one-year horizon and the monetary policy directions.
The quarterly periodical Status Report on Implementation of Monetary Policy Program (Inflation Report) presents the previous quarter's inflation developments, domestic and external factors affecting it and course of attaining the inflation target. External environment, balance of payments, interest rates, exchange rate, monetary developments, aggregate demand, aggregate supply, labor market, import and producer prices, as well as inflation expectations are presented as domestic and external factors.
Report on ensuring a financial stability in Armenia is provided in "The Financial Stability Report" which is published annually. "The CBA Annual Report" includes the CBA annual financial accounts, the level and management of international reserves, the CBA governance, information on cash in circulation, and information on commercial organization ratings and on the fight against money laundering and terrorism funding.
For further openness and transparency of the CBA activities and, particularly, of the monetary policy in addition to materials of accountability and the monetary policy program publications, CBA organizes meetings, mainly on a quarterly basis, with banks. Plans include involvement of financial and credit organizations in the future. The meetings are held to present the results of the monetary policy of the previous period and the main directions envisaged for the next period. In this regard, CBA places great focus on publication of analytic and research work prepared by its staff workers, which are published mainly in the periodical “CBA review”.
Since 1998, the Central Bank has been exercising the procedure of inquiries on various topics pertaining to the monetary policy. It covers both the commercial banks and some other areas and branches of the economy.
|
|
|