Tuesday, March 27 2018 20:01
Alina Hovhannisyan

Armenian Central Bank kept refinancing rate at level of 6%

Armenian Central Bank kept refinancing rate at level of 6%

ArmInfo. The Central Bank of  Armenia also this time kept the refinancing rate at the same level -  6%. As the press service of the Central Bank told ArmInfo, this  decision was made on March 27 at a meeting of the Central Bank of  Armenia. Along with this, at the same level, the rate for lombard  repo was kept at 7.5%, and deposits attracted from banks - 4.5%.

According to the estimates of the Central Bank Board, taking into  account external and internal economic progress, as predicted,  inflation in the coming months will remain at the lower threshold of  the permitted target range. In addition, the CB Board continues to  expect a weak inflationary influence from the external sector in  parallel with the expansion of external demand.

According to the estimates of the Central Bank, in Q1 2018, economic  activity will slightly exceed expectations, due to the observed high  growth in services, industry and construction. Faster than expected  rates, domestic demand has also increased, which continues to be  supported by an expanded monetary policy and a high growth in lending  to the economy. Along with this, the additional inflationary  expectations observed at the beginning of the year significantly  softened and stabilized.

Considering the above, the CB Board considered it expedient to  maintain the current monetary and credit conditions. At the same  time, the CB Board believes that, in the context of the forecasted  development, it will be necessary to gradually neutralize the  stimulating monetary conditions to ensure inflation at the target  level. As a result, a slight increase in annual inflation is expected  in the range of permissible deviations with stabilization at the  target threshold.

The central bank, in the conditions of formation of risks, will  correct the monetary and credit conditions accordingly.

We note that in 2017, after the February fall from 6.25% to 6%, at  the subsequent meetings (in March, May, June, August, September,  November and December), the Central Bank left the refinancing rate  unchanged, also in February 2018g.

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