Central Bank of Armenia (CBA)
Republic of ArmeniaThe Central Bank of Armenia (CBA) is the national financial authority responsible for managing monetary policy, maintaining financial stability, regulating and supervising the financial sector. Its primary objectives include controlling inflation and promoting financial sector development. In addition, the CBA issues the national currency of the Republic of Armenia, organizes and regulates its circulation, and develops a reliable, internationally compliant payment system. It is also responsible for arranging and overseeing measures to combat money laundering and the financing of terrorism. The CBA ensures the protection of investors in the securities market, supports fair and transparent market practices, and promotes the development of a trustworthy and efficient securities market. Furthermore, the CBA is committed to promoting consumer empowerment by enhancing financial literacy and safeguarding consumer rights. It works in close cooperation with international organizations to integrate Armenia into global financial markets and support sustainable economic policies.
Geographical Jurisdiction
Republic of ArmeniaThe CBA performs regulation and control of the financial sector of Armenia including banks, credit organizations, payment and settlement organisations, securities market participants, non-governmental organisations carrying out pension activities, persons carrying out insurance activities, pawnshops, securitisation funds, corporate investment funds, as well as at the Central Depository and the Bureau of insurance companies carrying out compulsory motor vehicle liability insurance.
- Consultations on the application of laws and regulatory acts to innovative business models.
- Flexible guidance on authorisation to operate in our jurisdiction.
- Guidance for licensed entities on digital transformation and transition to open banking and open finance.
- Upcoming: Sandbox testing environment / special regulatory regime for innovative businesses.
Consultations with licensed entities on strategic course for innovations and integration of harmonized solutions – universal QR, instant payments, data interoperability, strong authentication, operational resilience.
Focus Area
- As CBA is preparing to transition to integrate elements of open banking in licensing and regulation, innovative business models will have an opportunity to become licensed entities.
- Business models that have proven themselves elsewhere in the world are being considered for standardized regulation and licensing with adaptation to our own financial system.
- Business models that are highly innovative and experimental will be considered for special regulatory regimes and limited scope testing.
For all new and incumbent financial system participants CBA will assist with integration into payment rails, strong customer authentication systems, data interoperability and exchange, core system interoperability through APIs and other systematic integration measures.
