Armenian central bank leaves refinancing rate unchanged

08.12.2009 20:27
Armenian central bank leaves refinancing rate unchanged

YEREVAN, December 8. /ARKA/. The board of the Central Bank of Armenia decided Tuesday to leave 5% refinancing rate unchanged, the press office of the central bank reports.

According to the report, Armenia recorded 1.2% inflation in November, compared with October, and the 12-month inflation reached 4.6% after rising 1.1 percentage points, compared with the previous month’s indicator.

The CBA board placed it on record that outside inflation pressure has intensified over the mentioned period due to faster-than-expected increase in world prices for essential foods and mining industry’s products.

Stronger inflation pressure is expected as domestic economic activity makes a gradual rally.

“Taking into account ongoing economic decline and volatility of gross demand recovery paces, the central bank’s board decided to refrain from tightening monetary conditions,” the press release says.

The last decrease of the annual refinancing rate took place on September 8, 2009 - the central bank lowered it by 0.25 percentage points to 5%.

Before that, on May 22, the central bank drove rate 1.0 points down to 6.25%.

Later, on June 9, the bank lowered it 0.25 points to 6%. On July 7, the rate was lowered again by 0.5% to 5.5% and on August 11 to 5.25%. -0--


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