PROCYCLE POLICY OF THE CENTRAL BANK OF ARMENIA: THE PRICEOF THE ISSUE
This article is devoted to the analysis and evaluation of monetary regulation based on the pro-cyclical policy approach in terms of the impact on economic growth on the example of the Armenian economy. The result of the study was the conclusion that procyclical monetary policy has a negative effect on the economy, which in turn requires a revision of such a policy for countries with emerging markets, in particular in Armenia. An analysis of the monetary and foreign exchange policies of Armenia proves that, since the implementation of inflation targeting, the Central Bank of the Republic of Armenia has been pursuing a pro-cyclical policy, which has led to a slowdown in economic growth, especially in the long term.