The Central Bank of the Republic of Armenia (CBA) has reinstated its membership in the World Bank Treasury’s Reserve Advisory & Management Partnership program (RAMP), after having withdrawn in 2014.
A press release from the World Bank explains that RAMP offers advisory services, executive training, and asset management services through a global network of public asset managers. Since its inception in 2001, RAMP has established itself as the longest-standing central bank partnership aimed at enhancing reserve management. It has extended advisory services to over 100 public institutions and provided training to more than 5,000 public asset management staff.
As per the World Bank website, RAMP boasts more than 70 members, primarily central banks but also other international financial institutions. The combined sovereign assets managed by RAMP members exceed $2 trillion.
Another press release from the World Bank notes that CBA initially joined RAMP in 2006 and made significant enhancements to its investment operations during its previous eight-year membership. The decision to rejoin RAMP was driven by its advisory services, training resources, and the extensive network of asset management institutions. Specifically, CBA will benefit from on-site expertise to bolster its reserve management operations and train new personnel.
Jorge Familiar, World Bank vice president and treasurer, expressed his pleasure at welcoming back the Central Bank of Armenia to RAMP. He said in the press release: "We are honored to have their trust and participation in the Partnership." Familiar added: "RAMP stands ready to support member countries because sound public asset management is a critical pillar to a country’s stability, resiliency, and prosperity."
In another statement from the World Bank press release, CBA Governor Martin Galstyan voiced his enthusiasm about rejoining RAMP. He said: "We view our collaboration with the World Bank as a clear path to excellence in public asset management on the global level. We look forward to this partnership because strong reserve management practices benefit our central bank, economy, and nation."