Supervisory department Head of Financial department Head of Financial system regulation department Financial Stability Report The Central Bank or Armenia publishes the results of ongoing analyses in the Financial Stability Report. Financial stability report is published on an annual basis starting from 2007 and on a semiannual basis, starting from 2010. Main goal of the Financial Stability Report is to focus on current developments in real and financial sectors that could undermine the financial stability. The report presents the Central Bank's assessment of financial stability, main risks threatening the financial stability and measures underway to prevent and reduce these risks. The publication of Financial Stability Report allows improving awareness of financial institutions, companies, entrepreneurs and general public concerning measures taken by authorities to ensure financial system stability. On the other hand, the purpose of providing information on risk origins and vulnerability of financial stability is to help people for taking decisions in various situations. The risks affecting financial stability of Armenia can emerge in local economy, foreign economy and it financial system itself. Taking into account the aforementioned, the possible risks affecting financial stability of Armenia are presented in 5 areas: Risks derived from the developments of world economy (macro economy and financial markets) Risks derived from the developments of Armenian macroeconomic environment Risks derived from the developments of Armenian macroeconomic environment Risks derived from the developments of financial institutions of Armenia Risks derived from the developments of financial infrastructures. The Central Bank of Armenia continuously carries out extensive work in order to make financial stability report more informative and extended in accordance with international practice and in face of new challenges. Strategy for Maintaining Financial Stability, 2015–2017 Maintaining a sound, stable and functional financial system This aspect is aimed at providing the normal activity and stability of the financial system of Armenia, including the creation of necessary conditions for normal operation. This implies that financial institutions and payment and settlement system organizations, fulfill their obligations in time, perform their functions effectively, efficiently and uninterruptedly, manage their risks prudently, absorb and neutralize the risks arising from probable shock situations, while maintaining their activities open and transparent. 1. Current achievements The list of achievements included making a comprehensive analysis of the risks of financial institutions and introducing tools for financial stability monitoring. The financial stability report publication has improved. There were simulation games organized for working out response and other relevant