Tuesday, March 9 2010 18:18
Central Bank of Armenia raises refinancing rate from 6.0% to 6.5%
ArmInfo. The Central Bank of Armenia (CBA) has raised the refinancing rate by 0.5% to 6.5%. The CBA press-service told ArmInfo that the relevant decision was taken at today's sitting of the CBA Board.
According to the source, in Feb 2010 0,3% inflation was fixed as compared with Jan 2010. As compared with Jan 2009, inflation grew by 2.4% to 9.4%. It is noteworthy that the abrupt growth in annual inflation was mostly conditioned by inflationary trends in Feb 2009, when unprecedentedly high 1.8% deflation was fixed. Under these conditions, after inflation has reached its target limit in Feb 2010, inflation growth rates will decelerate starting March despite the fact that tariffs of some communal services will be increased starting 1 April 2010.
The CBA Board says that due to the growth in international prices of ore products and main food commodities, as well as due to the gradual recovery of economic activity, the current inflation environment will be maintained within the forecasted period. Under the specified conditions, to decrease the inflation deviations from the target limit, the CBA Board continues attaching special importance to the gradual stiffening of monetary policy.
To recall, the previous change of the refinancing rate took place on 16 February 2010, when it was raised from 5.5% to 6.0%.
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