At a press conference on April 30, Martin Galstyan, the governor of the Central Bank of Armenia, revealed a 3% decline in tourist arrivals to Armenia in March 2024 compared to the same period last year. Additionally, he noted a decrease in the average spending per tourist visiting the country. Despite this decline, Galstyan emphasized that the 3% difference does not significantly affect the overall capital inflow into Armenia.

“There are other inflows of capital. The inflow of foreign currency can be impacted, for example, by the trade factor. It is about imported goods, some of which are then exported. Such flows affect demand,” Galstyan noted.

The head of the Armenian Central Bank also announced that a bill on cryptocurrencies has been prepared and will soon be introduced. He clarified that Armenia’s cryptocurrency policy approach will align with the European Union's.

In the first quarter of 2024, Armenia witnessed a continued decrease in 12-month inflation, with March recording a deflation of 1.2%, as announced by Martin Galstyan. Additionally, Galstyan stated a decline in 12-month natural inflation, with March seeing a 0.7% deflation. Despite this, Armenia maintained high economic activity in the first quarter of 2024, largely driven by significant growth in trade and industry sectors. However, given the high level of uncertainty, particularly regarding price stability, the Central Bank Board is considering multiple scenarios in its deliberations. In response to these considerations, the Board decided to continue the gradual easing of policies slowly, aiming to balance various risks. The Board remains ready to adjust its actions to maintain 4 percent inflation and price stability over the medium-term horizon in Armenia.