Tuesday, March 6 2012 21:54

Armenian Central Bank leaves refinancing rate unchanged - at 8%


ArmInfo. Central Bank Council of Armenia left the refinancing rate unchanged -at 8% on March 6, the CB press-service told ArmInfo.

The source reports that a 0.9% deflation was recorded in Feb. Inflation was within the permissible target of 4% (+ / -1.5%) and made up 3% in Feb 2012 versus Feb 2011.

The CB Council declared that in the light of the positive economy trends in some lead countries and positive expectations of global economy growth, the world prices of the basic raw materials and food commodities determined low inflation environment. In addition, the ongoing problems in the Middle East have led to increase in oil products prices, and this risk is observed in the monetary policy of the Central Bank for Q1 2012. The CB Council is sure the current situation will not affect the inflation environment in Armenia within the coming months. As for the effect of the economic development of Armenia on inflation, it is still neutral.

For conclusion the Council stated that the economy of Armenia is developing in harmony with the basic scenarios of the monetary policy, but there are still emerging risks in the context of foreign development. The annual inflation will probably meet the permissible target throughout the forecasted period. In case of further upward trends of economic development, the CB will retain the refinancing rate at 8% which will ensure further neutral impact on the inflation environment.

The CB Council reduced the refinancing rate from 8.5% to 8% on Oct 11 2011.
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