Central Bank of Armenia reduces refinancing rate from 10.25% to 9.75%

ArmInfo. Central Bank of Armenia (CBA) reduced refinancing rate from 10.25% to 9.75%. As the press- office of the Central Bank told ArmInfo, this decision was made on November 10 at the Session of the Board of Central Bank.

Notably, the decision on reducing the refinancing rate was made on November 10, immediately after the CBA Chairman's speech in the Parliament, during which the MPs paid his attention on the high interest rates, with which he agreed and actually responded rapidly.  According to CBA data, rate on Lombard REPOs was reduced from 11.75% to 11.25%, while the deposit rate was reduced from 8.75% to 8.25%.

To recall, earlier at the September 22 session the Central Bank of Armenia left the refinancing rate unchanged - 10.25%. The CB's rate on Lombard REPOs and the deposit rate were left unchanged too  - 11.75% and 8.75%, respectively.

Earlier, the Central Bank of Armenia reduced the refinancing rate by 0.25pp from 10.5% to 10.25% at its August 11 meeting. The CB's rate on Lombard REPOs was reduced from 14.5% to 11.75%, while the deposit rate was reduced from 9% to 8.75%.To recall, at the June 24 session, the Board of the Central Bank of Armenia took a decision to retain the refinancing rate at 10.5%.  On Feb 10, 2015, the CB raised the refinancing rate from 9.5% to 10.5%, at the same time reducing the lombard repo rate from 17% to 14.5% and raising the deposit rate from 5.25% to 9%. At the March 24 session, the Board of the Central Bank of Armenia (CBA) took a decision to retain the refinancing rate at 10.5% and to reduce the lombard repo rate from 13.5% to 12%.  Previously, on March 12, the CB reduced the lombard repo rate by one pct point from 14.5% to 13.5%.  Earlier, the refinancing rate was raised on 22 Jan 2015 - from 8.5% to 9.5%.  On 23 Dec 2014, it was increased from 6.75% to 8.5%. On 3 Dec 2014, the CBA raised the lombard repo rate from 10.25% to 21%, on Dec 23 it reduced the rate to 20%, and on Jan 22, 2015, the rate was decreased to 17%.