CBA monetary management can be exemplary for region’s Central Banks

PanARMENIAN.Net - The government meetings were chaired by his deputy, Minister of Territorial Administration Armen Gevorgyan. During one of the meetings, a decision was taken to allocate AMD 9,6 million for restoration of National Opera and Ballet Theater roofing. Besides, results of highway reconstruction tender were confirmed.

Economy Minister of Nerses Yeritsyan and Deputy Minister Vahe Danielyan visited Stepanakert, where they met with President of the Artsakh Republic Bako Sahakyan to discuss economic cooperation between the two Armenian states, specifically staff training, introduction of modern technologies and experience exchange.

The Central Bank of Armenia retained the refinancing rate at 7,25%. A 0,8% deflation was registered in July, as result of which annual inflation index reached 7,8%.

The CB council said the tendencies in the Armenian economy are concordant with the monetary and credit policy of the Central Bank.

According to Gill Hammond, Economist in the Center for Central Banking Studies at the Bank of England and the author of “State of the Art of Inflation Targeting” book, the Central Bank adheres to sound monetary policy, and can well be cited as an example for regional Central Banks aiming to adopt inflation targeting policy.

Armenia is among 27 sates worldwide implementing inflation targeting policy.

The data in the book enable to analyze the state of the art of inflation targeting: the legal and institutional arrangements; the design of the inflation target; the decision-making body and process of decision-making; the models and forecasts used by central banks; the accountability mechanisms in place, and the communication and publication strategies.

The handbook was written in June 2009 and revised in January 2010.