Saturday, October 22 2011 18:14
Central Bank of Armenia forecasts gradual reduction of inflation for the next few months
ArmInfo. The Central Bank of Armenia (CBA) forecasts gradual reduction of inflation for the next few months despite the fact that in September inflation exceeded the maximum admissible level. The CBA press service told ArmInfo that the 1.25% growth of the refinancing rate in Feb- Apr 2011 continues having a restraining effect on the inflationary environment.
According to the source, after the CBA Board reduced the refinancing rate by 0.5% in September, the interest rates formed and anticipated in the financial market will allow forming such a gross demand, which will return the inflation to the admissible level - 4%(+/-1.5%) in case of moderate risks. The CBA Board pointed out that the inflationary trends in Armenia meet the forecasts of the monetary policy for 2011.
In the report for 2011-2012 published in September, the IMF reduced the world economic growth forecasts to 4% mostly due to the economic activity reduction in the developed countries. In the meantime, the forecasts for inflation were also adjusted: in the developed countries inflation for 2011 is forecasted at up to 2.6%, and in the developing countries - up to 7.5%. As regards Russia (Armenia's partner), its economic growth for 2011 is forecasted at 4.3%, and inflation – 7.3%. For the CIS states and Georgia inflation is forecasted at up to 10%.
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