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On September 9, the National Assembly continued the work of the regular sitting, debating the annual report on the activities of the Central Bank (CB) of the Republic of Armenia, which includes two documents - the report on the monetary policy programme approved in the first quarter of 2025 and the report on the implementation of the monetary policy programme for 2024. The CB Governor Martin Galstyan first spoke about the developments of 2024, presenting the macro-economic environment, based on macroeconomic scenarios and the 2025 monetary and credit programme.

According to the report, the low inflation environment was maintained in the Republic of Armenia during 2024. 12-month inflation continued to decline in the first quarter, and then gradually increased, forming in the positive range from the second half of the year. Such inflation behaviour was mainly contributed by the effects transmitted from the external sector

During the year, there was a decrease in wage inflation, inflation in services characterized by hard prices, and inflation expectations, which was mainly due to the gradual adjustment of aggregate demand and the easing of tension in the labor market. In this situation, in 2024, the Central Bank continued to ease monetary conditions, reducing the policy interest rate by a total of 2.25 percentage points.

As a result, in the reporting period and the period preceding it, under the conditions of the monetary policy implemented by the Central Bank and the influences transmitted from the external sector, 12-month inflation continued to decrease in the first quarter of 2024, reaching its minimum level of -1.7 percent in February, and then gradually increased and amounted to 1.5 percent by the end of the year. During the specified period, 12-month natural inflation also showed a similar behavior: it decreased by February, amounting to -0.7 percent, and then increased, ending the year at 0.9 percent.

The CB Governor answered the deputies’ questions and gave clarifications.

On behalf of the NA Armenia Faction Artur Khachatryan gave a speech, particularly addressing the circulation of cash, various problems in the financial system, and the decline in exports.

On behalf of the NA Civil Contract Armen Khchatryan gave a speech. The MP spoke about the high interest rates on loans provided to citizens by credit organizations and presented proposals.

In his final speech the CB Governor Matyi Galstyan touched upon the issues raised by the deputies and gave clarifications.