YEREVAN. – The monetary policy of the Customs Union (CU) countries will remain national, Central Bank of Armenia Board member Artur Stepanyan noted at a press conference on Monday.

In addition, the agreement between the CU member countries assumes a liberalization of the monetary policy. 
“The CU countries still have a limitation in the monetary policy, which they are preparing to gradually eliminate. In Armenia, however, such limitations do not apply since the late [19]90s. So, we don’t need to change anything,” Stepanyan informed.  

Armenia has also resorted to another means: transition to a targeted inflation indicator.  

“This likewise corresponds to our policy being conducted since 2006; that is, there is no need for synchronization here, as well,” Artur Stepanyan stated. 

Following the talks that were held on September 3, 2013 in Moscow between Armenian and Russian Presidents Serzh Sargsyan and Vladimir Putin, Sargsyan had announced that Armenia plans to join the Customs Union and subsequently engage in the formation of the Eurasian Economic Union. In December 2013, the “road map” for Armenia’s accession to the Customs Union was adopted. And in January of this year, the Government of Armenia approved the action plan for the implementation of this “road map.” Aside from Russia, Belarus and Kazakhstan likewise are members in the Customs Union.