CB Head: Lower refinancing rates will not significantly affect lower  interest rates in the economy

ArmInfo. Reducing the refinancing rate will not significantly affect the reduction of interest rates in the economy. A similar opinion on June 25 from the  rostrum of the National Assembly of Armenia, answering the questions  of the deputies, was expressed by the Chairman of the Central Bank of  the Republic of Armenia Martyn Galstyan.

Recall that the Central Bank of Armenia for the third time this year  reduces the refinancing rate. On June 16, he lowered the discount  rate by 0.5 percentage points to 4.5%. In accordance with this by 0.5  percentage points rates on lombard repo were reduced - from 6.5% to  6%, and on deposits attracted from banks - from 3.5% to 3%.

<The uncertainty that has formed in the current conditions does not  give us confidence and is not encouraging that our interest rates  will have a direct impact on deposit and lending rates. And when  calculating the calculated interest rate, these market rates are  taken into account>, he said.

Reducing the refinancing rate, he said, was made possible thanks to  the well-completed earlier <homework>. However, this will have a  moderate impact on the economy, because, as Galstyan explained, the  health crisis is at the heart of the problems of the Armenian  economy. "We believe that in a crisis, a new monetary policy will  more effectively influence the economy," he emphasized.