Tuesday, September 12 2023 19:32

ArmInfo. The Central Bank's decision to reduce the refinancing rate suggests that  inflation risks are more manageable today. Chairman of the Central  Bank of Armenia Martin Galstyan stated  during a press conference on  September 12.

At the same time, Galstyan noted that the Regulator cannot declare  that the inflation problem in Armenia has been finally resolved. <We  still have a lot of work to do. But thanks to the measures taken in  the past, we have made the work easier for today," he noted,  emphasizing that according to the Central Bank's assessment, by the  end of this year, inflation in Armenia will approach the level of  0.9%.

According to the RA Statistics Committee data, in August 2023,  compared to August 2022, a meager deflation of 0.2% per annum was  recorded in the consumer market of Armenia (against inflation of 9.1%  a year earlier), which was the result of a restrained reduction in  the price of food products by 2 .7%, with a rise in prices for  services by 3.6% and unchanged prices for non-food products, which  nevertheless looks better than last year's inflation rates in all  three directions- 12%, 6.2% and 8.2%, respectively.  In  January-August 2023, deflation was recorded at 3.2% (against  inflation of 5% a year earlier), provoked by a reduction in the price  of food products by 7.6%, non-food products by 1.4%, with an increase  in tariffs for services by 1.9 %.

The Central Bank of Armenia on September 12 of this year, again  reduced the refinancing rate this time by 0.5 percentage points -  from 10.25% to 9.75%.