Republic of Armenia: 2023 Article IV Consultation and Second Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executiv

2023 Article IV Consultation and Second Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director

Author: International Monetary Fund. Middle East and Central Asia Dept.

Republic of Armenia: 2023 Article IV Consultation and Second Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director

Volume/Issue: Volume 2023 Issue 416

Publication date: December 2023

ISBN: 9798400262418

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Topics covered in this book

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Inflation , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , Taxation - General , International - Economics , end-June headline inflation inflation rate , inflation expectation , Armenian authorities , priority capital , SOE ownership policy , Tax administration core functions , Inflation , Global

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Summary

Armenia’s growth accelerated in 2022 and remained strong in 2023, boosted by an inflow of foreign exchange, migrants, and businesses, mainly from Russia. Inflation, which peaked in the wake of the war in Ukraine, has quickly subsided. However, the regional security situation worsened significantly in September 2023, after Azerbaijan’s government took full control of Nagorno-Karabakh, which triggered the exodus of about 100,000 ethnic Armenians into Armenia. The government has responded with prompt policy measures to support their immediate needs.