Tuesday, October 11 2011 18:37

Central Bank of Armenia keeps rate of refinancing at 8%


ArmInfo. The Central Bank of Armenia decided on Tuesday to keep the rate of refinancing at 8%.

The press service of the CB reports that in Sept 2011 there was 0.8% inflation. As a result, the annual inflation grew by 1.4% to 6.2%.

In Aug 2011 the CB forecast that in Sept inflation would rise to the target level or would even exceed it.

The impact of external factors on inflation remains neutral, but the prospects of the world economy are still uncertain due to instability in developed countries.

The CB believes that internal factors (labor market, private expenses, tax and credit policies) have a restraining influence on inflation.

Despite high inflation in Sept, in the next months it will go down. The current and expected interest rates and the consequent gross demand will keep inflation within the allowable limit.

May 11 2010 the CB raised the rate of refinancing from 7% to 7.25%, Feb 8 2011 - to 7.75%, Mar 4 2011 - to 8.25%, Apr 12 2011 - to 8.5%. Sept 6 the rate was reduced to 8%.
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