Annual Report 2019

CENTRAL BANK OF ARMENIA COMMUNICATION AND ACCOUNTABILITY Central Bank accountability In fulfilling its objectives, the Central Bank is independent from state authorities of the Republic of Armenia. The Bank maintains its accountability pursuant to the terms and procedure determined by the legislation of the Republic of Armenia the Central Bank strategy and internal rules and policies. The Central Bank reports to the National Assembly of Armenia about its activities (Inflation Report approved in the first quarter of the year). First part of the inflation report contains the monetary policy program and the second part provides status report on implementation of the monetary policy program for the past one-year horizon. The monetary policy program published by the Central Bank is a lead guide. The monetary policy programs cover inflation forecasts, monetary policy directions and other aspects of relevance as defined by the Board of the Central Bank for fulfillment of the goals set out in the law. In the framework of accountability of monetary policy implementation, the Central Bank publishes 8 decisions of the Board on the refinancing rate during the year. On the same day the decision is adopted, a press release briefly stating why the decision had to be made becomes available for public disclosure. The minutes on interest rate presenting in more detail the discussions and reasoning underlying the making of decision is released within 10 days after the decision is adopted. The Central Bank publishes the Inflation Report four times a year4. This quarterly paper provides a detailed account of actual macroeconomic and monetary environments of reported periods, provides a factor analysis of fulfilment of the inflation target, and presents the main directions of the monetary policy to be implemented by the Bank and the projected path to inflation in fulfilment of the inflation target in the forecast horizon. 4. The inflation report for the first quarter is the report submitted annually to the National Assembly. 74 ANNUAL REPORT 2019

View entire presentation