Tuesday, October 28 2014 13:33

Armenia's Central Bank: We will shortly decide what to do with our official rate


ArmInfo. We will shortly decide what to do with our official rate - to keep it unchanged or to lower it, President of Armenia's Central Bank Artur Javadyan said during parliamentary hearings of Armenia's draft national budget 2015 on Tuesday.

He said that much will depend on how things will develop in Armenia and worldwide. "Inflation will also have a role here. We are a small market and inflation cannot but have influence on our official rate," Javadyan said.

He said that this year the CB has lowered its official rate for four times. As a result, it has dropped from 8.5% to 6.75%. This has had a certain impact on REPO deals and loan rates. This year is a bit different as lending this year is not as active as it was last year and the key reason is the growing rivalry among local banks and their conservatism in both Euro zone and Russia. All this has resulted in lower interest rates and higher access to loans.
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