Thursday, June 26 2014 19:06
Short-term rates in Armenia continue to decline
ArmInfo. In Q1 2014 the short-term rates in Armenia continue to decline due to the Central Bank's policy to gradually reduce the refinancing rate and to lower the obligatory AMD reserve rate from 4% to 2%.
According to the Central Bank of Armenia, in Q1 2014 the average interest on inter-bank loans on NASDAQ OMX Armenia dropped by 0.47% to 7.44%, while the average yield of repo deals dropped by 0.6% to 7.85$.
During the same period the yield of short-term government bonds dropped by 0.68% to 7.98% due to the Finance Ministry's state debt management policy.
On the secondary market the yields of mid- and long-term government bonds grew. The yield of long-term bonds grew by 0.65% to 11.6%.
According to the CBA, by 1 April 2014, the total amount of repo transactions totaled 259.6 bln AMD, and the average weighted yield made up 8.3%, including 44.4 bln AMD in interbank repo transactions and 7.9% average yield.
To recall, on June 24 the Central Bank of Armenia (CBA) reduced the refinancing rate from 7.25% to 7%. The previous reduction of the refinancing rate took place on 13 May 2014 - from 7.5% to 7.25%. Earlier, the Central Bank of Armenia reduced the refinancing rate from 7.75% to 7.5% on Feb 11, 2014. On 24 Dec 2013, the CBA reduced the refinancing rate from 8% to 7.75%. On November 12, 2013, the refinancing rate dropped from 8.5% to 8%.
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