{
  "title": "Republic of Armenia: Selected Issues Paper",
  "publication": "IMF Staff Country Reports, March 11, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-armenia-selected-issues-paper-42774",
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  "summary": "This Selected Issues paper analyzes scope for further de-dollarization policies in Armenia. High financial dollarization makes Armenia more vulnerable to external shocks and limits its capacity to respond.",
  "publishDate": "2015-03-11",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Analyzes scope for further de-dollarization policies in Armenia.\n- Notes that high financial dollarization makes Armenia more vulnerable to external shocks and limits its capacity to respond.\n- States the de-dollarization strategy is broad and comprehensive and has achieved a reduction of deposit dollarization during the past few years.\n- Concludes that international experience suggests further reductions in dollarization are likely to occur only gradually."
    },
    {
      "heading": "Key findings",
      "content": "- High financial dollarization increases vulnerability to external shocks and constrains policy response.\n- The existing de-dollarization strategy has already achieved a reduction of deposit dollarization in recent years.\n- Further reductions in dollarization are likely to be gradual based on international experience."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Reduce inflation volatility and external imbalances.\n- Use prudential regulations to increase foreign currency liquidity in the banking system.\n- Strengthen the monitoring of currency mismatches."
    },
    {
      "heading": "Thematic focus and keywords",
      "content": "- Subject areas: Dollarization, Expenditure, Fiscal multipliers, Fiscal policy, Foreign exchange, Monetary policy, Reserve requirements.\n- Keywords: Armenia, CR, credit dollarization, Dollarization, dollarization strategy, expenditure measure, Fiscal multipliers, Global, government expenditure, government spending, ISCR, Reserve requirements.\n\nRepublic of Armenia: Selected Issues Paper, March 11, 2015.\n\n---\n\n Content in this bundle\n\n- Republic Of Armenia: Selected Issues; IMF Country Report No. 15/66; December 5, 2014\n  - Republic Of Armenia: Selected Issues; IMF Country Report No. 15/66; December 5, 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic Of Armenia: Selected Issues; IMF Country Report No. 15/66; December 5, 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-armenia-selected-issues-paper-42774"
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    "Published: March 11, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498387996.002",
    "Analyzes scope for further de-dollarization policies in Armenia.",
    "Notes that high financial dollarization makes Armenia more vulnerable to external shocks and limits its capacity to respond.",
    "States the de-dollarization strategy is broad and comprehensive and has achieved a reduction of deposit dollarization during the past few years.",
    "Concludes that international experience suggests further reductions in dollarization are likely to occur only gradually.",
    "High financial dollarization increases vulnerability to external shocks and constrains policy response.",
    "The existing de-dollarization strategy has already achieved a reduction of deposit dollarization in recent years.",
    "Further reductions in dollarization are likely to be gradual based on international experience.",
    "Reduce inflation volatility and external imbalances.",
    "Use prudential regulations to increase foreign currency liquidity in the banking system.",
    "Strengthen the monitoring of currency mismatches.",
    "Subject areas: Dollarization, Expenditure, Fiscal multipliers, Fiscal policy, Foreign exchange, Monetary policy, Reserve requirements.",
    "Keywords: Armenia, CR, credit dollarization, Dollarization, dollarization strategy, expenditure measure, Fiscal multipliers, Global, government expenditure, government spending, ISCR, Reserve requirements.",
    "**Republic Of Armenia: Selected Issues; IMF Country Report No. 15/66; December 5, 2014**"
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