Tuesday, April 10 2012 21:40

Central Banks of Armenia retains refinancing rate at 8%


ArmInfo. At the Apr 10 sitting, the Council of the Central Bank of Armenia (CBA) made a decision to retain the refinancing rate at 8%, the CBA press service reported.

According to the source, 0.1% inflation was fixed in March 2012 (2.2% versus March 2012). This, in March inflation was lower than the targeted 4% (+/-1.5%).

The CBA Council says that the level of impact of the external situation on the inflationary environment of Armenia meets the basic scenario of the CBA's monetary policy. In particular, in a number of leading countries the food prices form a weak inflationary environment amid the growth of economic activity. In the meantime, the risk of growth of oil product prices still exists against the background of the political situation in the Middle East.

According to the Council, under the current internal and external economic conditions, inflation in Armenia will most likely remain at 4% (+/- 1.5%) throughout the year. The CBA Council considers it necessary to retain the refinancing rate at 8%, which will allow maintaining the neutral impact on the inflationary environment.

To recall, the CBA Council reduced the refinancing rate from 8.5% to 8% on 11 October 2011 and has been retaining it at the same level so far.
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