Monday, April 26 2010 11:00
In Q1 2010 nominal effective AMD rate rose by 3.3%
ArmInfo. In Q1 2010 the nominal effective AMD rate rose by 3.3% while the EUR and RUR rates dropped.
The press service of the Central Bank of Armenia reports that during its meeting Apr 13 the CB's Board pointed out that, despite periodical AMD depreciation, in Jan-Mar 2010 the AMD/USD exchange rate remained almost unchanged as compared with Jan-Mar 2009.
The CB's steps to gradually toughen its monetary-credit policy by raising the rate of refinancing by 1.5% to 7% and by rigidly controlling the money supply have led to curtailment of the monetary base and monetary aggregates and have had a deep effect on AMD components. In Q1 2010 the REPO rates grew by 3%-4% while the yield of government bonds remained unchanged.
In order to curb inflation, the CB is closely complying with the Government's anti-crisis measures to reduce the budgetary deficit by saving budgetary funds and to preserve the current rate of tax
collection. This will help to keep inflation within the target level.
Apr 13 the CB raised the rate of refinancing from 6.5% to 7% while the deposit and lombard REPO rates were set at 4% and 12%, respectively.
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