CB of Armenia raises refinancing rate 0.5 points to 6.0%

16.02.2010 21:11
CB of Armenia raises refinancing rate 0.5 points to 6.0%

YEREVAN, February 16. /ARKA/. The Central Bank of Armenia has decided to raise refinancing rate by 0.5 percentage points up to 6.0%, the central bank’s press office reported on Tuesday.

According to the report, inflation rate rose to 1.7% in January 2010, compared with December 2009, and after that, annual inflation reached 7.0% exceeding the planned upper benchmark by 1.5 percentage points.

The central bank says increase in world prices for ores and essential foods and gradual recovery of demand due to expansionary tax and budget policy make it possible to maintain the current inflation rate.

“Despite this year’s inflation is expected to exceed the planned benchmark because of inflation pressures of the previous year, its upward movement reaching its peak in the first quarter 2010 will be followed by decrease,” the central bank said.

On January 21, refinancing rate was driven 0.5 percentage points up to 5.5%. -0---


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