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.
