Armenian ruling party backs Martin Galstyan for new term as Central Bank chief

The Armenian National Assembly Standing Committee on Financial-Credit and Budgetary Affairs has endorsed the nomination of Central Bank Governor Martin Galstyan for another term backed by the ruling Civil Contract faction.

Galstyan, who has led the Central Bank since 2020, told lawmakers that the global environment has become increasingly uncertain and structurally complex, validating warnings he made at the outset of his tenure.

He pointed to transformative forces, including the rise of artificial intelligence, demographic aging, and climate change, as key drivers of heightened uncertainty surrounding global economic growth prospects.

“The developments of recent years have confirmed that we are entering a fundamentally new and more volatile phase in the global economy,” Galstyan said, noting that these dynamics pose significant challenges for economic policymakers in an increasingly fragmented world.

He added that coordinated efforts with the government have helped establish macroeconomic stability as a hallmark of Armenia’s investment profile, while emphasizing that maintaining low and stable inflation in a rapidly evolving environment will require updated policy approaches.