Republic of Armenia: Selected Issues
IMF Staff Country Reports, December 14, 2023
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- Republic of Armenia: Selected Issues
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Bibliographic details
- Published: December 14, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400262463.002
Assessment of CBA monetary policy framework
- The paper assesses the Central Bank of Armenia’s (CBA) monetary policy framework and discusses the CBA’s track record with inflation targeting.
- It emphasizes areas in which the monetary policy framework needs to strengthen further to ensure its effectiveness, especially should the new monetary policy approach be fully implemented.
- Enhancements in the CBA’s monetary policy framework should be guided by best principles.
- Publishing a comprehensive expert assessment of CBA’s monetary policy framework will guide the reforms and raise the credibility of the enhanced framework.
Risk-based approach to price stability
- The paper describes the risk-based approach to price stability, offering insights on its potential benefits.
- It cautions of likely pitfalls and highlights the clear challenges for operationalization of a risk-based approach in Armenia’s context.
- While such enhancements to the monetary policy framework are being put in place, an operationalization of the risk management approach to price stability may present important challenges.
Communication and operationalization
- The communication strategy should:
- detail the decision-making process, and
- strengthen the explanation of how policy will respond if risks materialize.
Key findings and thematic focus (keywords and subjects)
- Subjects: Expenditure, Inflation targeting, International organization, Maternity and childcare benefit spending, Monetary policy, Monetary policy frameworks, Production, Social assistance spending, Total factor productivity.
- Keywords: Armenia's monetary policy framework, benefit incidence, Central and Eastern Europe, Central Asia, family benefit Program, Global, I. social assistance program, IMF staff calculation, impact of program, Inflation targeting, inflation targeting track record, Maternity and childcare benefit spending, Monetary policy frameworks, Social assistance spending, Total factor productivity.
Content in this bundle
- Republic of Armenia: Selected Issues; IMF Country Report No. 23/417; November 17, 2023