Tuesday, December 26 2017 18:28
Karine Melikyan

The Central Bank of Armenia kept the refinancing rate at 6%

The Central Bank of Armenia kept the refinancing rate at 6%

ArmInfo. The Central Bank  of Armenia even this time kept the refinancing rate at the same level  - 6%. In fact, this year, after the February fall from 6.25% to 6%,  at the subsequent meetings (in March, May, June, August, September  and November-December), the Central Bank left the refinancing rate  unchanged. As the press service of the Central Bank of Armenia told  ArmInfo, the next decision on the immutability was adopted on  December 26 at a meeting of the Central Bank Council. Along with  this, the Central Bank Board kept the rates for pawn-shop repo at the  level of 7.5%, and deposits attracted from banks - at 4.5%.

The Central Bank Board finds it expedient to maintain the current  stimulating level of monetary conditions, taking into account the  need to ensure the stability of demand recovery and the overestimated  effect of changes in excise and customs duties on inflation  expectations. At the same time, the CB Board believes that, within  the framework of the forecasted development, a phased neutralization  of the stimulating monetary conditions will be required in the near  future to bring inflation in the medium term to the target threshold.

The Board of the Central Bank, assessing that the risks of inflation  exceeding the bar stipulated in the program for the current quarter  are increasing, confirms the readiness for appropriate adjustment of  monetary conditions for ensuring price stability.

The refinancing rate was revised in 2017 on February 14, when the  Central Bank Board reduced it from 6.25% to 6%, at the same time  reducing interest rates on pawn-shop repo from 7.75% to 7.5% and  deposits attracted from banks - from 4.75% to 4.5%, with the  preservation of these levels to this day. Prior to this, at the end  of 2016, on December 27, the refinancing rate was reduced from 6.5%  to 6.25%, along with a decrease in interest rates on lombard repo -  from 8% to 7.75% and deposits attracted from banks - from 5% to  4.75%. At the end of 2015, on December 22, the refinancing rate was  reduced from 9.75% to 8.75%, at the same time, the rates for  pawn-office repo decreased from 11.75% to 11.25%, and on attracted  deposits from 8.75% % to 8.25%.

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