ArmInfo. At its meeting today, the Board of the Central Bank of Armenia decided to raise the refinancing rate by 0.5 percentage point to 6.5%. The Lombard repo facility rate at 8.0%. The Deposit facility rate at 5.0%. ArmInfo was informed about this by the press service of the Central Bank of Armenia.
A detailed justification of this decision of the Central Bank Board today (at 3:30 pm) at a press conference will be presented by head of the Central Bank Martin Galstyan.
To note, this is the third upward revision of the refinancing rate in 2021. For the first time, the Central Bank raised the refinancing rate on February 2 - from 5.25% to 5.5%. In accordance with this, the rates on lombard repo increased by 0.25 percentage points - from 6.75% to 7%, and on deposits attracted from banks - from 3.75% to 4%. The second increase in the refinancing rate followed on May 4 - by 0.5 percentage points to 6%, in accordance with which the rates on lombard repo were also increased - to 7.5%, and on deposits attracted from banks - to 4.5%. Prior to that, in 2020, the Central Bank revised the refinancing rate four times downward and once upward. In particular, after the reduction of the refinancing rate from 5.5% to 4.25% (March, April, June, September), December was followed by an increase to 5.25%. And the corresponding change was undergone by the rates on lombard repo and on deposits attracted from banks.
