YEREVAN, December 15, /ARKA/. Armenia's Central Bank has decided today to raise the refinancing rate by 1.0 percentage point, setting it at 5.25%.

Central Bank chairman Martin Galstyan said today the inflation in November 2020 was 1.3%, up from 1.1% inflation recorded in the same month last year.

He said the 12-month inflation in November 2020 was 1.6%, still below the target 4%. According to Galstyan,  in November 2020, the 12-month natural inflation continued to increase, reaching about 2%  at the end of the month.

He said the inflation remains at the projected low level  within 1.6%. 'We expect that by the end of the year it will reach the lower forecasted level (4% (± 1.5%)),” Galstyan said.

He said prices for some food products have been growing because of a rise in demand for food products in international markets and by the devaluation of the national currency, the dram.

However, he  assured that despite the changes, inflation for the year will not exceed the projected figure.

The draft state budget for 2021 projects 3.2% growth and 4% (± 1.5%) inflation.-0-