Tuesday, February 7 2012 21:04

Central Bank retains refinancing rate at 8%


ArmInfo. At today's sitting the Council of the Central Bank of Armenia (CBA) took a decision to retain the refinancing rate at 8%, the CBA press service told ArmInfo.

According to the source, in January 2012 3.6% inflation was fixed in the country, as a result of which the annual inflation level grew by 0.1 pct points and totaled 4.8%.

The Council still rules out the impact of foreign factors on the domestic inflationary environment, which meets the basic scenario of the monetary policy of the CBA as of Q1 2012. "Despite the uncertainty in the world economy, positive trends in economy have been fixed in a number of leading countries, and weak growth of international prices of raw materials and food has been observed", the source says.

The basic scenario of development of Armenian economy implies neutral impact of the ongoing processes in the economy on the inflationary environment.

Summarizing the abovementioned, the Council states that the economy of Armenia is developing in line with the basic scenario of the CBA's monetary policy. In this context, the megaregulator forecasts the annual inflation to be maintained at 4% (+/-1.5%).

To recall, the CBA Council reduced the refinancing rate from 8.5% to 8% on 11 October 2011.
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