Tuesday, November 8 2011 20:22

Central Bank of Armenia keeps rate of refinancing unchanged at 8%


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

The press service of the CB reports that in Oct 2011 there was 0.3% inflation in Armenia, with the annual inflation making up 5.7%.

The CB expects that in the near future the economic growth in the world will slow down, there will be no supply shocks, the international food markets will be stable. Under such conditions the external inflationary pressures on Armenia's economy will not be strong.

The CB believes that the current state and the future tendencies of the labor market and the gross demand will not cause high inflation.

The CB's projections about declining inflation are coming true. So, there is no need to change the priorities of the monetary-credit policy though some changes may take place depending on the situation.

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