On September 18, the delegation of the Central Bank, headed by President Martin Galstyan, took part in the "Round Table Discussion of Heads of Regional Central Banks" in Tbilisi, organized by the National Bank of Georgia and J.P. by Morgan. This is reported by the Central Bureau of Investigation. The session entitled "Regional Macroeconomic Environment" brought together central bank heads and high-ranking representatives to discuss key global and regional macroeconomic developments. The main topics of the panel discussion were the neutral interest rate, the exchange rate as a shock absorber or anchor, monetary policy in the context of large capital flows, as well as geopolitical risks and supply shocks. During the discussion, Martin Galstyan referred to the uncertainty surrounding the neutral interest rate and presented the reasonable risk management approach of the Central Bank of Armenia to ensure price stability, within the framework of which a number of options are considered. different scenarios and special attention is paid to managing risks with the most costly consequences. He also highlighted the role of a flexible exchange rate in Armenia as a tool for absorbing external shocks, and also referred to the growing importance of capital flows, emphasizing the distinction between short-term and cyclical flows caused by fundamental factors. �, as well as the targeted use of monetary, foreign exchange and macroprudential instruments.