Martin Galstyan voices factors cooling overheating in Armenian labor  market

ArmInfo.A certain cooling of the overheating in the Armenian labor market is due to the employment of some of our compatriots forcibly displaced from Artsakh, as well as labor migrants arriving from other countries.

Governor of the Central Bank of the Republic of Armenia Martin  Galstyan stated on January 30 during a press conference. "This is  what allowed us to be more bold in our decision on the refinancing  rate," he emphasized.

Earlier, at its meeting today, the Board of the Central Bank of  Armenia decided to reduce the refinancing rate by 0.5 pp, setting it  at 8.75%  from 9.25% 

The head of the Central Bank also touched upon the growth of wages.  In particular, he noted that after 2021, the observed growth in  nominal wages in the private sector peaked at 30%, but was then  followed by a significant slowdown. As of November 2023, growth  stalled to 10%. In this regard, Galstyan noted that there are areas  where the growth rate of wages continues to remain high, but there  are also those where a significant decrease is recorded. "As a  result, this allows not to worry about the impact of this  circumstance on the further development of inflation," he noted.

On September 19, 2023, after Azerbaijan's large-scale military  aggression against Nagorno-Karabakh, which was preceded by a 9-month  total blockade, about 109 thousand of our compatriots from Artsakh  were forcibly moved to Armenia.

Since the beginning of the war in Ukraine (February 24, 2022), about  110 thousand citizens of the Russian Federation have relocated from  Russia to Armenia, of which about 60 thousand are of Armenian origin.

According to the Central Bank, since the beginning of 2023, a total  of about 16 thousand labor migrants from India have arrived in  Armenia.