ՀՀ դրամավարկային քաղաքականության դրսևորումները բարձր գնաճային միջավայրում/The features of Republic Armenia monetary policy in a high inflation environment

Abstract

The purpose of this article is to present the features of monetary policy in the conditions of high inflation. The objectives are as follows: to present the current trends of monetary policy, to analyze the behavior of RA monetary policy instruments and monetary indicators in 2015-2022. The effectiveness of the inflation management process in the economy depends on the effective implementation of the monetary policy. In the current conditions the mechanisms of influence on inflation very often do not work effectively, which weakens the connection between the intermediate and final goal of the inflation targeting strategy conducted by the Central Bank of RA. The above is due to the incorrect hierarchy of money interest rates in the RA economy, on the one hand, and the high rate of inflation of imported goods and the unhealthy competitive environment of consumer price formation in the domestic economy, on the other hand.