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ABOUT THE CBA
International cooperation
International relations
The Central Bank, within its authorities,
represents interests of the Republic of Armenia in international financial
organizations, international and overseas banks, as well as in relations
with central and other banks of other countries, signs international
agreements as required by the Law. (According to the LAW ON THE CENTRAL BANK
OF THE REPUBLIC OF ARMENIA, Adopted 30.06.1996)
Relations with the IMF and the WB
International Monetary Fund (IMF)
Armenia has been a member of the International Monetary Fund (IMF) since
May 28, 1992. Within the IMF, Armenia is part of a constituency including
Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel,
Luxemburg, Macedonia (former Yugoslav Republic of), Moldova, Montenegro,
Netherlands, Romania, Ukraine.
On May 29, 1997, Armenia accepted the obligations under Article VIII
of the IMF's Articles of Agreement on current account convertibility,
thereby giving confidence to the international community that it will pursue
sound economic policies that will obviate the need to use restrictions on
the making of payments and transfers for current international transactions,
and thereby contribute to a multilateral payments system free of
restrictions.
The cooperation with the IMF focuses on working out the Armenian
position as regards the most important issues related to Fund membership.
The EFF/ECF-supported program aims to achieve strong growth and poverty
reduction, fiscal and external sustainability, and financial sector
stability. In addition to financial support, the IMF has a wide-ranging
program of technical assistance with Armenia, focused in particular on tax
policy and revenue administration, management of public finances,
macroeconomic modeling and the inflation targeting framework, contingency
planning in the banking sector, and statistics. In addition, a full update
under the Financial Sector Assessment Program (FSAP) took place in 2012.
In its capacity as a member state, the CBA provides the IMF with information
and holds annual consultations with the institution in compliance with the
provisions under Article IV of the IMF's Articles of Agreement.
The Minister of Finance is the Governor and the Chairman of the CBA is the
Alternate Governor in the Board of Governors of the IMF on behalf of the
Republic of Armenia. At present, Armenia’s quota equals SDR 92.0 million, or
0.04 percent of total quota. Armenia’s voting power in the IMF is 1,661
votes, or 0.07 percent of total.
World Bank Group
IBRD/IDA
Armenia joined the International Bank for Reconstruction and
Development (IBRD) on September 16, 1992 and the International Development
Association (IDA) on August 25, 1993. Within the IBRD, Armenia is part of a
constituency including Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus,
Georgia, Israel, Macedonia (former Yugoslav Republic of), Moldova,
Montenegro, Netherlands, Romania, Ukraine. Within the IDA, Armenia is part
of the same group, but which in this case do not include Bulgaria and
Romania.
The World Bank (IBRD/IDA) are the largest multilateral
donor in Armenia (natural resource management and poverty reduction, foreign
investment and export promotion, information technologies, infrastructure,
education, health, social sector, agricultural reform, municipal
development, transport, and judicial reform).
The IDA lending has helped finance infrastructure rehabilitation,
including support for earthquake reconstruction, irrigation, power, road
maintenance, and municipal water. The IDA credits supporting the social
safety net and improving access to services have included operations in
health, education, and a social investment fund aimed at improving basic
social and economic infrastructure.
The World Bank’s Country
Partnership Strategy (CPS) for 2009-2013 focuses on the near term needs of
addressing vulnerability and mitigating the adverse poverty effects of the
crisis as well as laying the foundation for promoting medium term
competitiveness and growth.
Armenia’s Governor at the IBRD/IDA is
the Minister of Economy; his Alternate Governor is the Deputy Minister of
Finance. Representatives of the CBA take part in World Bank meetings. At
present, Armenia holds 1,139 shares in the IBRD's equity capital or 0.07
percent of total shares. Armenia’s voting power in the IBRD is 1723 votes,
or 0.09 percent of total. Armenia’s voting power in the IDA is 54615 votes,
or 0.24 percent of total.
IFC
Armenia became a member and a shareholder of
International Finance Corporation (IFC) on April 18, 1995. IFC's strategy is
part of the joint World Bank Group Country Partnership Strategy. IFC’s
priorities in Armenia include supporting the development of small and medium
enterprises to create employment opportunities, promoting energy efficiency
to increase the competitiveness of local companies and mitigate climate
change, and improving risk management to reduce the vulnerability to
economic downturns.
IFC began providing advisory services in
Armenia in 1999 and investing in 2000. IFC has invested in projects across a
range of sectors, including financial markets, manufacturing and mining; and
advised the government and companies on improving corporate governance,
developing leasing and housing finance, and improving business regulation.
Armenia’s Governor at IFC is the Minister of Economy; his Alternate Governor
is the Deputy Minister of Finance. Representatives of the CBA take part in
IFC meetings. At present, Armenia holds 992 shares in IFC's equity capital
or 0.04 percent of total shares. Armenia’s voting power in IFC is 1760
votes, or 0.07 percent of total.
MIGA
Armenia became a Multilateral Investment
Guarantee Agency (MIGA) member on December 5, 1995. Within the MIGA Armenia
is part of a constituency including Bosnia and Herzegovina, Bulgaria,
Croatia, Cyprus, Georgia, Israel, Macedonia (former Yugoslav Republic of),
Moldova, Montenegro, Netherlands, Romania, Ukraine.
The Minister of
Economy is the Governor and the Deputy Minister of Finance is the Alternate
Governor in the Board of Governors of the MIGA on behalf of the Republic of
Armenia. At present, Armenia holds 80 shares in MIGA's equity capital or
0.05 percent of total shares. Armenia’s voting power in MIGA is 312 votes,
or 0.14 percent of total.
ICSID
Armenia became an ICSID member on October
16, 1992. The Government of the Republic of Armenia signed the ICSID
Convention on September 16, 1992 and deposited its instrument of
ratification on the same date. The Convention entered into force on October
16, 1992 and the Republic of Armenia attained the Status of Contracting
State.
Relations with international financial organizations
Cooperation with the European Bank for Reconstruction and
Development (EBRD)
Armenia joined the EBRD on December 7, 1992.
Since 1992 EBRD’s focus is on helping to diversify the economy by supporting
investment in various sectors, as well as supporting the development of the
financial sector and small and medium-sized enterprises. The Bank’s
priorities in Armenia for the next few years are to continue developing the
financial sector and access to finance, upgrading municipal and urban
transport infrastructure, developing agribusiness and high value-added,
export-oriented industrial companies, improving the regulatory and
institutional framework for sustainable energy, and raising corporate
governance standards and increasing transparency in the mining sector. The
Central Bank of Armenia Armenia’s Governor at the EBRD is the Minister of
Economy; his Alternate Governor is the deputy governor of the Ministry of
Finance. Representatives of the CBA take part in EBRD meetings and formulate
Armenia’s position with regard to the most important issues discussed by the
EBRD. At present, Armenia holds 1,050 shares in the ЕBRD's equity capital or
0.05 percent of total shares. Armenia’s voting power in the EBRD is 1050
votes, or 0.05 percent of total.
Interstate Bank founded with accordance to the
Agreement of establishing Interstate Bank, signed between CIS countries from
January 22, 1993 in Minsk. The founders of the Bank are Kazakhstan, Armenia,
Belarus, Kyrgyzstan, Tajikistan,Moldova, Turkmenistan, Uzbekistan, Ukraine
and the Russian Federation. Bank is operating on the territory of CIS
countries and participating in the process of integrative actions of CIS
countries, in development and rework in the field of payment systems. The
structure correspondent connection allows customers and users to be provided
by schemes of payment with counteragents in different point of CIS and other
countries. Interstate Bank is operating in money-market, equity market,
interbank credits and deposits. Bank is an international institution, which
has direct approach to national payment systems of founders of the
institution, which allows making settlements as a participant in payment
systems of Kazakhstan, Armenia, Belarus, Kyrgyzstan, Tajikistan, Moldova,
Turkmenistan, Uzbekistan, Ukraine and the Russian Federation.
Armenia is also one of the founding member countries of the
Black Sea Trade and Development Bank (BST DB), which was
established in 1997 by the member countries of the BSEC as a regional
multilateral development bank and financial pillar of BSEC. The current
owners are the governments of Albania, Armenia, Azerbaijan, Bulgaria,
Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. BSTDB
supports regional trade and investment, providing financing for commercial
transactions and projects in the private and public sectors to help Member
States to establish stronger economic linkages and to contribute effectively
to their transition process towards the economic prosperity. Armenia
appoints a Governor (Alternate Governor) and a Director (Alternate
Director), who represents the country on the Board of Governors and the
Board of Directors accordingly. The Chairman of the Central Bank is
appointed as the Governor and the First Deputy Chief of Staff of the Office
of the President of the Republic of Armenia is appointed as the Director in
the Board of Governors and Board of Directors of the BSTDB accordingly.
Alternate Governor is the Director of Financial System Stability and
Development Department of the Central Bank of Armenia, and the alternate
Director is the Director of Multilateral and Bilateral Economic Cooperation
Department of the Ministry of Foreign Affairs of Armenia. At present,
Armenia holds 1.0 percent of the BSTDB total shares, which is make up 20
million SDR.
Armenia became a member of Asian Development Bank (ADB)
in September 2005. Within the ADB Armenia is part of a constituency
including Cook Islands, Fiji, Indonesia, Kyrgyz Republic, New Zealand,
Samoa, Tonga. Since 2005 the ADB has been a key partner in supporting the
development agenda of Armenia, as well as its economic growth and reform
program. Operations in the country are closely aligned with the government’s
priorities—as well as ADB’s strengths—including promoting rural development,
developing the private sector, and supporting enhanced regional cooperation.
ADB’s work in Armenia has been focused promoting inclusive economic growth.
The Minister of Economy is the Governor and the Deputy Minister of Economy
is the Alternate Governor in the Board of Governors of the ADB on behalf of
the Republic of Armenia. Representatives of the CBA take part in ADB
meetings. At present, Armenia holds 31,671 shares in the ADB's equity
capital or 0.3 percent of total shares. Armenia’s voting power in the ADB’s
is 71275 votes, or 0.54 percent of total.
The Eurasian Development Bank
Armenia became a full-fledged member of EDB in April 2009. It considers
transportation infrastructure, electric power industry, agriculture and
financial markets development to be priority lines of the Bank’s activities.
Improvements in these sectors will promote sustainable economic growth of
Armenia’s economy and allow expand trade relations with other Bank’s
members.
Relations with international organizations
UN Agencies
On March 2, 1992, during its 46-th Session the General Assembly adopted the
Resolution 46/227 admitting the Republic of Armenia as a UN member.
BSEC
Armenia is one of the founding member countries of the Organization of the
Black Sea Economic Cooperation (BSEC). The BSEC was established on June 25,
1992, in Istanbul, when the Summit Declaration was signed by the Heads of
State and Government of 11 countries – Republic of Albania, Republic of
Armenia, Republic of Azerbaijan, Republic of Bulgaria, Georgia, Hellenic
Republic, Republic of Moldova, Romania, Russian Federation, Republic of
Turkey and Ukraine. Republic of Serbia joined the Organization as a Member
State in 2004.
WTO
The Republic of Armenia has been a member of World Trade Organization (WTO)
since 5 February, 2003.
IOSCO
The International Organization of Securities Commissions (IOSCO),
established in 1983, is the acknowledged international body that brings
together the world's securities regulators and is recognized as the global
standard setter for the securities sector. IOSCO develops, implements, and
promotes adherence to internationally recognized standards for securities
regulation, and is working intensively with the G20 and the Financial
Stability Board (FSB) on the global regulatory reform agenda.
In 2002, the IOSCO created a Multilateral Memorandum of
Understanding Concerning Consultation and Cooperation and the Exchange of
Information (MMOU), the first global multilateral information-sharing
arrangement among securities regulators.
Pursuant to the MMOU, signatories agree, among other items, to
provide each other with certain critical information, to permit use of that
information in civil or administrative proceedings and for onward sharing
with self-regulatory organizations and criminal authorities, and to keep
such information confidential.
The CBA has been an ordinary member of IOSCO since 2007, an IOSCO
MMoU Appendix B member since 2009 and the IOSCO Appendix A signatory since
2018 and effectively cooperates with other counterparties, which are also
signatories of the IOSCO MMoU.
The CBA has also joined the IOSCO Administrative Arrangement since
2024. Administrative Arrangement requires that signatories apply the
safeguards to the transfer of personal data between them.
Administrative Arrangement sets the rules of processing personal
data to carry out the public mandate and exercise of official authority
vested in the Supervisory Authorities having membership in IOSCO.
 IOSCO
Administrative Arrangement.
IOSCO
Administrative Arrangement Privacy Notice.
IOSCO
Administrative Arrangement Privacy Notice (Armenian).
Personal
Data Protection Policy at the Central Bank Of Armenia.
Personal
Data Protection Policy at the Central Bank Of Armenia (Armenian).
OECD
The mission of the Organization for Economic Co-operation and Development
(OECD) is to promote policies that will improve the economic and
social well-being of people around the world. OECD/International
Network on Financial Education (INFE) The OECD established the
International Network on Financial Education (INFE) which
facilitates information sharing, research and the development of
policy instruments and analytical tools. More than 240 institutions
from different countries, as well CBA are members of the OECD/INFE.
Armenia has become a member of the OECD/INFE since 2009. On the
basis of the latest objectives and activities, the INFE created
number of Expert Subgroups on different important issues. CBA has
become a member of the Expert Subgroup on National Strategies on
Financial Education and on Measurement of Financial literacy. This
collaboration also helps to better address the issues related to the
design and development of national strategies and elaborate the
National Strategy on Financial Education (NSFE) of Armenia. Also, in
2011 Financial literacy Pilot Survey was conducted in Armenia, based
on the methodology and questionnaire elaborated by the Subgroup.
The OECD/INFE focuses on the following areas - national
strategies for financial education,
- financial education at school,
- empowering women through financial education and awareness,
- measuring financial literacy: methodologies and data collection,
- evaluating financial education programs: methodologies and guides.
This cooperation has allowed the CBA to exchange of information and
views on different programs, initiatives, issues, research and
finding related to financial education; exchanging, identification
and development of good practices and tools; discussion of
analytical work developed by members, the OECD and other
organizations on financial education, and of international
principles and good practices. IOPS
The International Organization of Pension Supervisors (IOPS) is an
independent international body representing those involved in the
supervision of private pension arrangements. IOPS currently has
around 70 members and observers representing approximately 60
countries and territories worldwide. AFI
The Central Bank of Armenia joined Alliance for Financial Inclusion on 11
February 2011. Armenia is a co-chair of the Consumer Empowerment and
Market Conduct Working Group (CEMC WG), and chairing the
Institutional Framework and Supervision Working Subgroup of the CEMC
WG. In 2011, the CBA also joined the Maya Declaration, the first
global and measurable set of commitments by developing and emerging
country governments to unlock the economic and social potential of
the ‘unbanked’ people through greater financial inclusion. The
CBA expressed its commitments for the Maya Declaration for: 1)
encouraging innovative financial products and services that are
responsive to the requirements of the poor in a safe and sound and
sustainable manner; 2) continuously improving the regulatory and
supervisory framework to protect the consumers ensuring that
consumers are always adequately informed, protected and able to
enjoy the full benefits of their financial Access; and 3) empowering
the consumers with effective redress and complaint handling system
and with school and lifelong financial education. Particularly, we
expect to adopt Financial Education National Strategy in 2012-2013,
and thereafter follow the implementation of the strategy. AFI is
a global network of financial policymakers from developing and
emerging countries working together to increase access to
appropriate financial services for the poor. AFI is led by its
members and partners, central banks and other financial regulatory
institutions from developing countries. The network includes members
from over 90 countries working together to advance its mission of
accelerating the adoption of proven and innovative financial
inclusion policy solutions, with the ultimate aim of making
financial services more accessible to the world’s 2.5 billion
unbanked people. EU
Relations between Armenia and the European Union, including trade and
economic ties, are regulated by the Partnership and Cooperation
Agreement (PCA) signed between Armenia and the European Community in
April 1996, and which came into effect in July 1999. In 2006 the
Armenia-EU Action Plan was signed outlining main directions of
Armenia-EU cooperation and EU support. EU technical and financial
cooperation supports Armenia’s objective of an increasingly close
relationship with the EU and helps the country’s efforts to develop
and implement strategic plans.
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