Tuesday, May 10 2011 21:17

Central Bank leaves refinancing rate unchanged


ArmInfo. At March 10 2011 sitting the Board of the Central Bank of Armenia (CBA) decided not to change the refinancing rate and leave at 8.5%, the CBA press service told ArmInfo.

The decision was conditioned by the fact that in April 2010 0.2% deflation was fixed. As a result, the inflation level annually declined by 2.6% to 8.9%. According to the CBA Board, despite the maintenance of some uncertainties, trends of stabilization of international prices of food and raw materials were observed in April.

The CBA Board thinks that the impact of the domestic economic development on the gross demand is extremely neutral. Under the current climatic conditions and as a result of a number of measures taken in the agriculture filed, the CBA Board foresees trends of reduction in prices of food commodities due to the supply growth in the given sphere.

The Board thinks that the above-mentioned and the interest rates formed as a result of stiffening of the monetary conditions will accelerate the inflation reduction to 4%(+/-1.5%) by the second half of 2011.
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