The trends of high activity in the Armenian economy are maintained in the third quarter of 2022, governor Martin Galstyan of the Central Bank of Armenia (CBA) told a press conference Tuesday.

"Economic growth mainly bears the positive influence of external demand, expressed by a significant increase in the service sector. The expansion of the demand is contributes to the continued growth of the inflow of international visitors and remittances from the Russian Federation. This is simultaneously expressed by the improvement of Armenia's external balance position and the rise in the exchange rate of the [Armenian] dram.

High demand contributes to ‘heating up’ the labor market, expansion of the overall inflation environment, and maintenance of high inflation expectations. In such a situation, the implementation of a coordinated fiscal and monetary restraining policy is underscored," added the CBA chief.