Time in Yerevan: 11:07:36,   26 September

CBA to submit monetary policy report for the upcoming three years

YEREVAN, NOVEMBER 14, ARMENPRESS. Armenia’s Parliament is discussing the legislative initiative to make changes and amendments in the law on the ‘Central Bank’ and related laws, reports Armenpress.

Artur Javadyan, President of the Central Bank of Armenia, said the aim of changes is to make the existing regulations in accordance with the new Constitution.

“In particular, according to the proposed draft, ensuring financial stability has been set as a key goal under the requirement of the Constitution. The procedure and terms of appointing the CBA management bodies have been complied with the new requirements of the Constitution. The principles of cooperation with public authorities in competitiveness and statistics have been clarified and complied with the requirements of the Constitution. The internal audit regulations have been improved making them in accordance with the best international audit standards”, Javadyan said.

The draft packages propose to submit the CBA’s monetary policy program for the upcoming 3 years, not for a year which makes the CBA activity more predictable and understandable while conducting a monetary policy. “This also means increase of the CBA responsibility since we should present the monetary policy principles in our reports for the upcoming three years”, the CBA President said.

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