Annual Report 2019
CENTRAL BANK OF ARMENIA
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the Central Bank personnel's research capacities and boost the TRC's
profile as a platform where representatives of central banks, financial
and international organizations in the region and Eastern Europe can
meet and do research together.
Consumer protection in the financial system, and
financial education: The Central Bank carried on consumer
protection in the financial system by making sure financial service
providers practice a fair business conduct and that an appropriate
institutional environment and a financial education framework are in
place.
In 2019, extra requirements to improved transparency in
sub-legislative acts on communication and information disclosure
by financial institutions took force effective August 2019 and were
designed to improve information disclosed and provided to consumers
on mortgage and agricultural loans, verbally and/or remotely
disclosed information to consumers in the cases of early repayment,
etc.
The Central Bank continued trainings of teachers in cooperation
with RA Ministry of Education, Science, Culture and Sport; as part of
the program "Financial Education at the School" a total of 2419
teachers from 339 schools instructing subjects "Me and the
Surrounding World", "Mathematics", "Algebra", and "Social Science",
have passed trainings.
Issuance of currency
and organizing money
circulation: In 2019 the volume of currency outside the Central
Bank increased by 7.1%, with the supply of coins having grown by
11.8%. The third series banknotes of the 2018 issuance were
gradually put into circulation during the year, and they circulate in
parallel with the banknotes of previous issuances.
To publicize national, historical, cultural, spiritual values of
Armenia and to satisfy the numismatic demand of collectors, in 2019
too, the Central Bank issued commemorative coins of precious metals,
which are dedicated to the anniversaries of renowned Armenians and
landmark events.
Management of international reserves: In 2019, the
international reserves of the Republic of Armenia provided coverage
for about four months of imports, and about six years of service for
current liabilities. The Central Bank continued its strategy of managing
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