Tuesday, July 10 2012 20:58

Central Bank of Armenia refrains from bringing its official rate down from 8%


ArmInfo. The Central Bank of Armenia decided on Tuesday to keep its official rate unchanged at 8%.

The press service of the CB reports that in June 2012 there was 1.3% deflation. As a result, annual inflation made up 0.7%.

The trends observed in the external sector in Q2 2012 were in line with the CB's monetary-credit policy and its inflation expectations for the forecasting period.

Now that the EU's debt problems are getting increasingly serious and the growth in the global demand is slowing down, the prices on the world's raw materials and food markets are expected to decline despite the growing wheat price.

The domestic prices in Armenia are expected to grow during the forecasting period due to high growth in industry and services and consequent increase in demand and private consumption. The CB's tax and budget policy will have no influence on the prices during the period.

Considering the mutually neutralized effects of external and internal factors on domestic prices and active AMD devaluation in June, the CB decided to refrain from reducing its official rate.

The last time the CB reduced it from 8.5% to 8% was Apr 12 2011.
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