Tuesday, March 26 2013 20:50

Central Bank of Armenia keeps rate of financing unchanged at 8%


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

The press service of the CB reports that in Feb 2013 there was 0.4% deflation. As a result, the annual inflation made up 3.1%.

The CB forecasts that in the near future the economic recovery worldwide will be slow, so, there will be no strong inflation impulses coming from abroad.

In 2012 the economic growth in Armenia was higher than expected due to rise in industry, services and private spending.

In Q1 2013 the CB was more restricted in its fiscal policy. As a result, the private demand had a minimum effect on domestic prices.

Considering the abovementioned factors, the CB decided not to change its official rate. By the second half of this year the annual inflation is expected to reach the target level of 4% to stay there in the months to come.

Last time the rate of refinancing was changed on Apr 12 2011 from 8.5% to 8%.
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