Yerevan State University's Scientific-Analytical Center of Constitutional Economics, jointly with the Central Bank of Armenia's Center for Economic Education and Research Support Fund, has organized a survey on "CB's independence and price stability" in Yerevan and in the provinces within the framework of the program "Independence of the Central Bank as an Important Norm of the RA Constitution" hereinafter the Survey).

The Survey includes issues such as CB independence, monetary policy, and steps taken by the CBA to ensure price stability.

500 physical persons aged 20-80 and representatives of 70 financial institutions, including banks, audit firms, insurance companies and universal credit organizations have participated in the Survey.

According to the Survey results, 69% of the population is more sensitive to price fluctuations, contrary to the fluctuation of the exchange rate, and 76% consider that price stability will be ensured if the inflation will be up to 3%. In other words, the society sees the stability of prices in case of minimal inflation.

53% of the population has assessed the CBA's activity independent from the Government, and in the opinion of 64% that the change in the level of independence of the CB will also affect the economic situation of the society.

72% of respondents believe that as a result of financial and economic crises, the independence of the CB will also decline.

In case of declining the independence of the CB, 53% of respondents will lose their confidence in the banking system. It should be noted that at present the problem of banks is the involvement of financial resources in long-term conditions.

While implementing its main objectives: ensuring financial stability and price stability, the CBA develops and implements all programs of monetary policy.

According to the survey, the assessment of monetary stability was mainly conditioned by stable rate, stable inflation and high economic growth.

 Currently any action carried out by the Central Bank of Armenia is aimed at stabilizing the banking system, formation of competition between banks, prevention of risks caused by the financial crisis and expectation of positive results.

The discussion was attended by CBA Board Members Armenak Darbinyan and Ashot Mkrtchyan, CBA Adviser Hasmik Ghahramanyan, Director of Scientific and Analytical Center for Economic Sciences Hayk Sargsyan, Professor of Mathematical Modeling Chair Ruben Gevorgyan and scientific researchers Varsenik Sargsyan and Zhirayr Mkhitaryan.