A high-level workshop hosted by the International Monetary Fund (IMF), the Central Bank of Armenia (CBA), and the European Bank for Reconstruction and Development (EBRD) in Yerevan on April 27, and in Tshakhkadzor on April 28–29, considered ways to improve monetary policy tools and central bank instruments in support of implementation of a modern monetary framework of inflation targeting (IT). Strengthened IT regimes—which include clear and consistent policy objectives and robust central bank operational independence, communications, and accountability—can help better anchor expectations about future inflation and contribute to dedollarization, stronger local currency markets, reduced uncertainty, and less severe boom-bust cycles.