YEREVAN, October 13, /ARKA/. The Standard & Poor’s said in a report it projects general government debt of Armenia to decrease to 48% by 2024 from 53% in 2021.

According to it, the swift reduction is because of exchange rate movements: the domestic currency, the Armenian dram, has appreciated notably following depreciation at the beginning of the year and almost three-quarters of government debt outstanding is denominated in foreign currency, predominantly the U.S. dollar.

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To stem inflationary pressure, with consumer price index inflation peaking at 8.8% in August, the Central Bank of Armenia has hiked interest rates several times since December 2020, by a total of 300 basis points, Standard & Poor’s said in a report. This, and the recent dram appreciation, should help bring inflation more toward the 4% target over the coming 12-36 months

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Tags: INFLATION, interest rate, Standard & Poor’s

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The Standard & Poor’s credit rating agency will publish the first sovereign ratings of Armenia from September 25 to October 10, 2021, the Central Bank of Armenia told ARKA news agency

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Tags: rating, Standard & Poor’s

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