YEREVAN, January 15. /ARKA/. Armenian Central Bank is preparing to launch a new analytical system, known as the second generation of Forecasting and Policy Analysis System (FPAS Mark II) in 2024.
FPAS II builds on the current FPAS by emphasizing the role of uncertainties and transparency in the monetary policy implementation (MPI) process.
According to the Central Bank, the new framework provides constructive and fundamental thinking for viewing MPI as risk management and implementing a minimum loss policy.
The new framework emphasizes increased transparency by providing a clearer picture of the decision-making process. By considering MPI as a risk management exercise, FPAS II enables better and more strategically coordinated decision making.
In connection with these activities, on January 11-12, 2024, a high-level (online) conference was held at the Dilijan Training and Research Center of the Central Bank of Armenia, dedicated to the conceptual and operational elements of the new MPI system.
The conference was attended by world-renowned economists, including Lawrence Summers, Charles Goodhart, and Athanasios Orfanides. Participants discussed FPAS II and the expected challenges. The conference also included a panel discussion with senior central bankers. –0–
