Arthur Javadyan: the coming years will be peculiar in terms of  recovery and development

ArmInfo. Arthur Javadyan, leaving the post of head of the Central Bank of Armenia, in his farewell address said that the coming years will be peculiar in terms of recovery and development.

"The past years were full of challenges - the global crisis, regional  and internal shocks. However, as a result of the flexible strategy of  financial institutions and the consistent policy of the Central Bank  to strengthen and develop stability, these were not only years of  confronting shocks, but also years of stability and development of  the financial system. Vivid evidence of this is the sharp increase in  financial intermediation, the availability of financial services and  other indicators, as well as the assessment of international  structures regarding the policies and financial systems implemented  by the Central Bank.  It is noteworthy that the International  Monetary Fund and the World Bank rated the financial system of  Armenia as stable, and the regulatory and supervisory processes were  97% consistent with the exemplary Basel principles of banking  supervision. We managed to maintain and strengthen price stability in  Armenia - the average annual inflation in 2008-2019 amounted to 3.9%.  Over the years, the Central Bank has been able to withstand various  economic shocks, having managed to reduce and anchor the inflationary  expectations of society in difficult conditions in addition to  maintaining price stability. This had the best effect on the  political changes in 2018 and the behavioral manifestation of society  in the context of coronavirus infection in 2020, "A. Javadyan noted.

He also recalled the successes in terms of issuing 3rd generation  banknotes in the framework of the 25th anniversary of the Armenian  drama, noting that they were distinguished by the latest and best  quality standards and degrees of protection. Significant progress, as  evidenced by high awards, was also recorded in terms of the issue of  commemorative coins, which expanded international recognition and  popularized the historical, cultural and scientific heritage of  Armenia.

According to him, in addition to fulfilling the immediate tasks  enshrined in the law, the Central Bank did not spare efforts to  assist a variety of programs aimed at developing the economy and  improving the well- being of citizens. "The Central Bank has always  been actively involved in the development and implementation of  credit programs in various social and economic spheres implemented by  the government, as well as in various government projects (pension  reform, military insurance fund, etc.). And those founded during  these years "National Mortgage Company" and "Affordable Housing for  Young" companies have significantly contributed to the formation and  development of the mortgage market, and the implementation of social  and industry-specific program lending, "he noted with pride and  satisfaction, fixing the achievements and successes of the Central  Bank.

A. Javadyan emphasized that the Central Bank team has always been  aimed at the development, progress and implementation of the  strategic goals. "Personnel training and the development of  professional qualities continued to be an important guarantee of the  Central Bank's activities. In a sense, the Central Bank is also a  kind of forge for obtaining and improving knowledge, training  qualified specialists, who easily leave the Central Bank and find  jobs in other state institutions and private companies in Armenia,"  he remarked.  Regarding the institutional development of the Central  Bank, he particularly noted the opening of a training and research  center in Dilijan, which made it possible to raise the Central Bank's  cooperation with international partners and leading scientific and  educational institutions to a new level. Over the years, UIF Dilijan  accepted students from leading universities in the world, and  numerous events of regional and international importance were held at  this Center.

He called loyalty to the structure and its culture one of the values  of the Central Bank, which includes ensuring the continuity of  policies and reforms. "I am sure that the new head of the Central  Bank devoted to the cause and mission, in tune with the spirit of the  times, will continue to fulfill the tasks assigned to the Central  Bank in the interests of citizens and the state, remaining a reliable  partner of the government and international structures," concluded A.  Javadyan.  It should be noted that Martin Galstyan was appointed the  new head of the Central Bank of Armenia, whose candidacy was approved  on April 17 by secret ballot in the RA National Assembly. He was  nominated by the ruling faction "My Step" in the country. The term of  office of the head of the Central Bank of the Republic of Armenia  Artur Javadyan ended in early June 2020, and this is the second term  of his tenure.