Wednesday, August 11 2010 11:15

Armenian Central Bank leaves refinance rate unchanged - 7.25%


ArmInfo. Armenian Central Bank Council left the refinance rate unchanged - 7.25%, Tuesday, the CB press-service reported. In July as against June deflation in the country totaled 0.8%. As a result, the annual inflation grew 0.5% to 7.8%.

The CB Council declared that changes in the domestic and foreign macroeconomic environment meet the monetary policy envisaged for Q3. External inflation risks are growing in the international finance markets in conditions of revaluation of euro and aggravation of the problems characteristic to the goods markets (grain market). Alongside with this, internal inflation environment is weakening for lack of inflation pressures and because of toughened monetary policy at the beginning of the year. Thus, information for Q3 2010 depending on the dynamics of prices of agricultural programs will gradually decrease to the upper threshold.

In the above conditions and considering the existing uncertainty, the CB Council has not toughened monetary policy yet. Because of possible risks, the Council may revise the refinance rate in future.

The CB Council raised the refinancing rate from 7% to 7.25% on May 11 2010.
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