Annual Report 2019
CENTRAL BANK OF ARMENIA
Governor address
Dear reader,
This is the annual report of the Central Bank of the Republic of
Armenia for 2019.
In 2019 the Central Bank ensured the main goals of price
and financial stability, further contributing to the macroeconomic
stability.
Maintaining price stability strengthened, during the year.
Inflation remained low, at 0.7 percent at the end of the year. Low
inflation has contributed to anchoring of inflation expectations and
more confidence in the national currency, and steady decline in the
level of dollarization points to that. In 2019, in order to fulfil the
inflation target in the medium term, the Central Bank has twice cut
the policy rate, keeping the monetary stance expansionary. This has
transmitted to other interest rates of the financial market, and
no risks to financial stability have emerged thanks to the effective
macroprudential policy.
Moreover, the stability of the financial system continued
strengthening. The participants of the system are sufficiently liquid,
capitalized and able to meet the economy's demand. The financial
system participants summed up the year with positive results and
growth of the main indicators.
The financial intermediation in the economy kept on expanding.
The financial system assets-to-GDP ratio has increased to 106.5%.
The accessibility to financial services continued growing over
the year.
Further involved in household financial education programs,
the Central Bank continued initiating events aimed at increasing
public awareness.
The Central Bank carried out its activities in line with the adopted
values and strategy. All the achievements are the result of the joint
efforts by the Central Bank staff.
ANNUAL
REPORT 2019
7
2019View entire presentation