Tuesday, October 9 2012 19:19

Board of Central Bank of Armenia retains refinancing rate at 8%


ArmInfo. At the Oct 9 session, the Board of the Central Bank of Armenia (CBA) decided to retain the refinancing rate at 8%, the CBA press service told ArmInfo.

According to the source, 0.8% inflation was fixed in the country in September 2012. As a result, the annual inflation level underwent no changes (2.5%).

The CBA Board says that the international food markets still experience tension and weak inflation environment due to the continued growth in international prices of grain. This factor raised the cereals prices in the domestic market in September.

In the short-term outlook, the inflationary pressure in the domestic market will remain due to the high private consumption and higher economic growth than expected. For this reason, the CBA considers it reasonable to retain the refinancing rate at 8%.

To recall, the CBA Board reduced the refinancing rate from 8.5% to 8% on 12 April 2011.
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