Due to the spread of COVID-19 worldwide, uncertainties about economic activity and its prospects have increased, which caused the increase of challenges of ensuring macroeconomic stability.

In this situation, the Central Bank of Armenia, while carrying out its functions of regulator and supervisor, will be guided by the need to ensure financial stability, maintaining financial system activity while balancing its activities in the context of maintaining economic activity.

For these purposes, the Central Bank of the Republic of Armenia possesses a wide range of financial sustainability tools (liquidity instruments, macro-prudential and economic norms) that are used as necessary to absorb or mitigate adverse effects on the financial system. At different stages of the course of events, the Central Bank is also looking at balancing the interests of all parties.

For the effectiveness of the policy implemented, the Central Bank constantly communicates with banks, credit organizations and other financial market participants, as well as emphasizes their close and transparent communication with their clients.

It should also be reminded that as a result of close cooperation and operative actions of the Central Bank and financial institutions, all citizens, who due to their contractual obligations due to various insurmountable circumstances, have the opportunity to apply to their servicing organization for an individual approach to their credit obligations. As a result, a mutual agreement can be reached based on the assessment of the client’s cash flows by the financial institution, so that the credit burden of the customer does not increase sharply and temporary difficulties will not negatively affect its credit history.

 At the same time, we consider it feasible to conduct communication between financial organizations and clients by telephone or correspondence, and we urge citizens to use banking electronic services (payment applications, online banking services) as much as possible.