Relevance. In today's global economy, effective macroeconomic regulation is more important than ever. It can help the economy recover from crises and grow in the long term. This is especially important for developing economies, which are most vulnerable in a turbulent global economy. Purpose of the study. The objective of the study was to evaluate the influence of monetary policy on economic growth in Armenia, encompassing both the indirect and direct impact of specific monetary instruments on economic activity. The study's methodological foundation was a comprehensive examination of theoretical and practical models that elucidate the influence of monetary regulation on economic growth. These models, which are well-established in the scientific literature, were subjected to rigorous testing on the Armenian economy. The findings of this investigation led to the conclusion that, at this stage of development, the instruments of monetary policy in Armenia exert a detrimental impact on economic growth and development, both in the short and long term. Data and methods. The analysis is based on a review of statistical data characterizing the monetary policy of Armenia, as well as economic growth. The analysis took into account the key factors and channels of influence of monetary policy on the economic development of the country in the short and long term. Results obtained. The results of the statistical and econometric analysis indicate a noticeable influence of monetary policy instruments on economic activity and economic growth in Armenia. At the same time, both in the short and long term, one cannot speak of a positive impact of the Central Bank's policy on the country's economy. Conclusion. The main conclusion of the study was the thesis on the need to revise the direction of monetary policy from the point of view of its stimulation of economic growth in the long term.