Annual Report 2019

billion AMD 250 300 Figure 6: Value of net assets of pension funds 200 150 100 50 0 oul 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0.0% 2014 2015 2016 2017 2018 2019 Net asset value (NAV) ANNUAL REPORT 2019 37 Net assets-to-GDP (right-hand scale) COOPERATION WITH I NTERNATIONAL ORGANIZATIONS INSTITUTIONAL DEVELOPMENT OTHER OBJECTIVES OF THE BANK 4,0% 3,5% CENTRAL BANK OF OBJECTIVES THE REPUBLIC OF ARMENIA MAIN

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