Tuesday, September 7 2010 20:17

Central Bank of Armenia keeps rate of refinancing at 7.25%


ArmInfo. The Central Bank of Armenia has kept the rate of refinancing at 7.25%.

The press service of the CB reports that in Aug 2010, as compared with July 2010, there was 1.3% inflation. As compared with Aug 2009, it grew by 1.8% to 9.6%.

This growth is due to the situation on the global good market as well as declining agriculture and climbing bread, potato, fruit and vegetable prices. The key cause is the so-called offer shocks but this trend will hardly continue. The CB expects that by the end of this year inflation will drop to the target level.

At the same time, the gradually restoring domestic demand is producing no inflationary pressures. Even more, the toughened monetary-credit policy and the current situation on the foreign exchange market are cushioning their impacts.

Considering the above-mentioned factors the CB deems its expedient to refrain from toughening its monetary-credit policy.
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