In 2020, the country’s financial system was operating in conditions of unprecedented turbulence and a high level of uncertainty due to the pandemic and the war. This is what Governor of the Central Bank of Armenia Martin Galstyan told reporters today as he presented the report on fiscal stability in 2020.

Galstyan added that this led to 7.4% economic decline in 2020.

“This was mainly due to the decline in the service sector (9.2%) and decline in the construction sector (6.6%),” he said.