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International Monetary Fund. Middle East and Central Asia Dept.

2019 Article IV Consultation and Request for a Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia

International Monetary Fund
This paper reviews the current monetary and exchange rate policy frameworks in Armenia and Georgia, and the challenges associated with the choice of a credible nominal anchor in the context of large nominal and real shocks. The paper makes a case for a gradual transition to full-fledged inflation targeting (FFIT) in both countries in the medium term. The implications of this option are examined from various angles. In particular, the monetary transmission mechanisms and compliance with major institutional prerequisites for successful FFIT adoption are analyzed. Based on this analysis, the paper identifies a series of short- and medium-term recommendations, drawing on the experience of emerging market countries that successfully moved to FFIT.
International Monetary Fund

This paper presents the Republic of Armenia’s report on the Observance of Standards and Codes and detailed assessment using the data quality assessment framework. Armenia exceeds Special Data Dissemination Standard requirements for both periodicity and timeliness in releases of data on unemployment, general government operations, analytical accounts of the central bank, merchandise trade, international investment position, and population. Armenia meets periodicity and exceeds timeliness on production index, employment, wages, consumer price index, producer price index, central government operations, analytical accounts of the central bank, and merchandise trade.

International Monetary Fund

This paper presents the Republic of Armenia’s report on the Observance of Standards and Codes and detailed assessment using the data quality assessment framework. Armenia exceeds Special Data Dissemination Standard requirements for both periodicity and timeliness in releases of data on unemployment, general government operations, analytical accounts of the central bank, merchandise trade, international investment position, and population. Armenia meets periodicity and exceeds timeliness on production index, employment, wages, consumer price index, producer price index, central government operations, analytical accounts of the central bank, and merchandise trade.