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Central Bank: Martin Galstyan’s Opening Speech for 2020 Armenian Economic Association Annual Meetings
02/07/2020 14:49

Central Bank: Martin Galstyan’s Opening Speech for 2020 Armenian Economic Association Annual Meetings

COVID-19 and its Economic Implications

Good morning. Let me first start with thanking the organizers for inviting me to this wonderful event. The program of the Armenian Economic Association annual meetings is impressive, and I congratulate all the organizers for putting together this conference despite all the difficulties at this time.

The topic of my talk today is, not surprisingly, the Covid-19 and its economic implications. I will start with laying out the global context with particular emphasis on comparison with the Global Financial Crisis (GFC) of 2009. I will stress uncertainty, which, will drive the economic activity taking its toll on aggregate demand at least in the short-run. After describing fiscal and monetary
policy response around the world and zooming in on emerging markets, I will present our economic outlook for Armenia.

The overarching message is that despite the very aggressive fiscal and monetary policy response, macroeconomic policy cannot fundamentally address the health crisis, which is the key unknown in all our scenarios. The role of macroeconomic policy, though, is to preserve macroeconomic stability in these difficult times, so that macroeconomic and financial aberrations do not derail the
recovery. In this respect, I would like to stress that the Central Bank of Armenia has the necessary policy space to preserve the price and financial stability in Armenia.

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10:50 13/08 Buy Sell
AMD / USD 483.50 487.50
AMD / EUR 570.00 576.00
AMD / RUR 6.58 6.72
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dollars
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12/08/2020
USD / AMD
485.00
-0.32%
EUR / AMD
570.60
-1.54%
RUR / AMD
6.64
-0.02%
GBP / AMD
632.83
-2.89%
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5,616,931
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11581.30
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397.83
+1.64%
BCH/USD
288.36
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XRP/USD
0.28
-6.67%
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55.07
-4.74%
ETH/BTC
0.03435864
+3.36%
BCH/BTC
0.02490445
-1.70%
XRP/BTC
0.00002457
-3.15%
LTC/BTC
0.00475509
-3.16%
CBA Metals
12/08/2020
dram / gram
Gold
30245.18
-1,655.97%
Silver
440.97
-0.14%
Platinum
14719.9
-665.05%
FOREX
09:13 13/08
EUR/USD
1.1807
+0.78%
GBP/USD
1.3055
+0.23%
USD/JPY
106.70
-0.05%
EUR/GBP
0.9043
+0.53%
Oil
09:13 13/08
$ / barrel
Brent
45.35
+1.34%
Light Sweet
42.62
+2.01%
COMEX
09:13 13/08
$ / tr. oz
Gold
1944.90
+2.56%
Silver
25.96
+7.72%
Platinum
954.40
+1.64%
LME / 3M
09:13 13/08
$ / tonne
Aluminium
1789.50
+1.33%
Copper
6380.50
+0.30%
Nickel
14218.00
+0.16%
Tin
17655.00
-0.39%
Lead
1954.00
+2.84%
Zinc
2394.50
+0.61%
Molybdenum
16601.00
+0.00%
Cobalt
33200.00
+0.00%
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09:13 13/08
point
Dow Jones
27976.84
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S&P 500
3380.35
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NASDAQ
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CAC 40
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RTSI
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SSEC
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Refinancing
Refinancing Rate
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Lombard Repo Rate
6.00
+0.00%
Deposit
Deposit Rate
3.00
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Macroeconomy
03/2020
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
585.21
+4.20%
Export 1
Export
692.5
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Import 1
Import
1,323.4
-11.50%
CPI
Consumer price index
+0.1
Avg. Salary 2
Average salary
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Services 3
Volume of services
585.44
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Construction 3
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54.03
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