Prime Minister Nikol Pashinyan today introduced newly elected Central Bank Chairman Martin Galstyan to the Central Bank staff.

In his speech, the Prime Minister said: “Today is an important event at the Central Bank: we say goodbye to the Chairman of the Central Bank Artur Javadyan, and the new Chairman of the Central Bank Martin Galstyan takes office today.

Mr. Javadyan, I thank you once again for your work and contribution during this period. Mr. Galstyan, I would like to congratulate you and wish you success in your activity as Chairman of the Central Bank.

Mr. Galstyan is not a new person in the banking system; he has been working in the banking system for a long time. On the whole, over the past two years I have been more closely in touch with the Central Bank and I can say that a rather good team and a good backbone have formed here, which as a whole works for the benefit of stability of our banking system. It is obvious that, despite all the criticism, the banking system is one of the important achievements of the Third Republic of Armenia: it is an established and stable institution.

The way the financial system and the banking system have manifested themselves in crisis situations and during financial or political upheavals, including during the non-violent velvet people’s revolution, and now during the coronavirus crisis, is a vivid confirmation of this.

This change is important in that it provides certain heredity to the activities of the Central Bank. But on the other hand, it also symbolizes the course and the need for further development of changes and reforms, without prejudice to our stability.”

The Prime Minister underlined that one of the most important challenges of the banking system in the current period is the improvement of financial literacy of the citizens of Armenia. According to Nikol Pashinyan, more detailed work should be done so that our compatriots could see and understand the subtleties of the banking system, how the system works as a whole

“I think one of our most important tasks is to make the Central Bank human-centered so that the context of relations between citizens and the system becomes more constructive, based on dialogue, so as to prevent the formation of negative perceptions around this system, especially since the stability of our banking and financial system is one of the most important prerequisites for the stability of the development of the latter,” the Head of Government said.

The Prime Minister said that there are already certain agreements with Artur Javadyan in connection with his future activities. “Mr. Javadyan will be involved in the development of economic policy and economic analysis, as well as conduct certain processes in Armenia with the involvement of international experts in economics. We have concrete projects, the implementation of which will be a great success in terms of economic thought development in Armenia.

Mr. Galstyan, I would like to believe that with your arrival, a new page will open in our banking and financial system, which will be based on the best experience of the previous period and, of course, will bring new experience, new successes, will increase our confidence in the banking and financial system,” the Prime Minister said.
Artur Javadyan thanked the Prime Minister for appreciating the modest contribution of the Central Bank team. “As you noted, I am sure that under the leadership of Mr. Galstyan continuity will be ensured. As you noted, we have a knowledgeable, professional team, which is able to ensure both financial and price stability in the Republic of Armenia. There is also a second challenge - to create in this situation a stable macroeconomic atmosphere for the further development of the economy, which was formed as a result of the coronavirus economic crisis.

The position of the Chairman of the Central Bank, which Mr. Galstyan assumes, is one of the most important posts in the Republic of Armenia. Strong with long experience and sufficient knowledge, being a member of this team, he and the team will be able to successfully solve the tasks assigned to this institution. Thank you, Mr. Prime Minister, for your kind remarks,” the outgoing Central Bank Chairman said.

Martin Galstyan also thanked Nikol Pashinyan for the assessment. “Over the years, a team has been formed in the Central Bank, which has passed many tests and is able to solve its tasks. I would like to assure you that the work that has already been done will be long and we will deepen the cooperation with our colleagues from the government for the benefit of our society. Every effort will be made to ensure the macroeconomic stability in the country, so that the government, in its turn, with this macroeconomic stability, could implement the programmes planned,” the newly elected CB chairman noted.

Summing up, Prime Minister Pashinyan once again thanked the Central Bank for the joint work over the past two years and noted that it was interesting. “The central bank participated in discussions on the economic policies of the government, which were very interesting. We must continue this tradition and find new ways to make the results of these discussions more meaningful,” the Prime Minister concluded.