Armenian central bank has new task

15.11.2017 17:15
Armenian central bank has new task

YEREVAN, November 15. /ARKA/. The Armenian parliament adopted today in the first reading a set of amendments and additions to the Law on the Central Bank. Central Bank chairman Artur Javadyan said the amendments are conditioned by the need to bring the law in line with the constitutional reforms, enforced earlier in the country.

He noted that today the main task of the Central Bank is to ensure the stability of prices, for which it develops, approves and implements monetary policy programs.

"The amendments introduce a new task of the Central Bank - ensuring financial stability, while the monetary policy will be determined not for 12 months, but for three years, making it more predictable," Javadyan said.

He also noted that the independence of the Central Bank is an important factor in the development of the country's economy, therefore several new concepts were introduced in the new Constitution, for example, Central Bank employees can not be members of political parties, which earlier applied only to the leadership of the Central Bank.

In addition, the amendments stipulate that candidates for senior positions in the Central Bank - the chairman and his/her deputies, are to be elected by the National Assembly of Armenia. Earlier, the chairperson of the Central Bank was appointed by the president, and the deputies – by the chairperson. -0-


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