Armenia 1995 Constitution (reviewed 2015)

CHAPTER 14. THE CENTRAL BANK

Article 200. Main Goals and Functions of the Central Bank

1. The national bank of the Republic of Armenia is the Central Bank. The Central Bank shall be independent in the performance of functions reserved for it by the Constitution and by law.
2. The main goals of the Central Bank are to maintain price stability and financial stability.
3. The Central Bank shall elaborate, approve, and implement the monetary policy programs.
4. The Central Bank shall issue the currency of the Republic of Armenia – the Armenian dram.
5. In the cases and manner stipulated by law, the Central Bank shall adopt sub-legislative normative legal acts.
6. The Central Bank shall present an annual communication to the National Assembly about its activities.
7. The other goals, objectives, functioning procedures, and safeguards of the Central Bank shall be stipulated by law.

Article 201. The Chairman and Board of the Central Bank

1. The Central Bank Board shall consist of the Chairman of the Central Bank, his two deputies, and five members. The Chairman of the Central Bank shall, upon nomination by the competent standing committee of the National Assembly, be elected by the National Assembly for a six-year term by at least a three-fifths majority vote of the total number of parliamentarians. The same person may not be elected as Chairman of the Central Bank for more than two consecutive terms. Other members of the Central Bank Board shall, upon nomination by the competent standing committee of the National Assembly, be elected by the National Assembly for a six-year term by majority vote of the total number of parliamentarians.
2. Anyone who has higher education and meets the requirements prescribed for a parliamentarian may be elected as a member of the Board of the Central Bank. The law may stipulate additional requirements for the Board members of the Central Bank.
3. The Central Bank Chairman and other members of the Board shall be subject to the incompatibility requirements stipulated for parliamentarians. The Central Bank Chairman and other members of the Board have the right to hold, in commercial organizations and foundations, a position stemming from their function.
4. During their term in office, the Board members of the Central Bank may not be members of any party or otherwise engage in political activities. In public speeches, they shall exercise political restraint.
5. In case of violating any of the terms of Paragraphs 3 or 4 of this Article, the powers of the Central Bank Chairman shall be terminated by the National Assembly by at least a three-fifths majority vote of the total number of parliamentarians, while the powers of other members of the Board shall be terminated by the National Assembly by a majority vote of the total number of parliamentarians.
6. The powers of the Central Bank Chairman, his deputies, and Board members shall be stipulated by law.