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Armenian society treats the national currency, dram, as a symbol of independence, Central Bank of Armenia (CBA) Chairman Martin Galstyan says.

“So, it’s a national symbol which is of profound importance,” he told a panel discussion on the 30th anniversary of the Armenian dram held at YSU.

Galstyan highlighted the law on the Central Bank passed in 1996 as a fundamental document that gives today’s professionals the opportunity to “boast about the achievements over the years.”

"Any government maximizes the welfare of voters in order to win re-election. Therefore, any government’s objective functions include an insatiable desire of spending,” the CBA chief said, adding it prompted the establishment of an independent institution to “curb these desires”.

Galstyan noted that the 1996 law "On the Central Bank" was in line with this logic.

"The Central Bank has the right and the popular mandate to say no to the government when it comes to spending," Galstyan noted, stressing this function ensures stable and manageable inflation in the country.