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Armenia's Central Bank Raises Annual Refinancing Interest Rate By 0.

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  • Armenia's Central Bank Raises Annual Refinancing Interest Rate By 0.

    ARMENIA'S CENTRAL BANK RAISES ANNUAL REFINANCING INTEREST RATE BY 0.25% TO 7.25%

    ARKA
    July 2

    The Central Bank of Armenia (CBA) has increased the annual refinancing
    interest rate by 0.25% to 7.25%.

    The CBA Board reported at today's meeting that the reduction of food
    prices in the world market for the past months have not had an impact
    on the local market. They did not forecast when exactly these global
    effects will work their way to Armenia's market.

    At the same time, record-high oil prices keep rising, the global market
    still having to face both direct and indirect inflationary pressure.

    Focusing on the ways to curb possible inflation in the country, the
    CBA Board decided that further changes in the refinancing interest
    rate will depend on the measures undertaken to curb inflation.

    Deflation was 0.5% in Armenia in June 2008. The annual inflation (9.4%)
    exceeded the Central Bank's inflation target by 4%. According to the
    RA budget, 4% (±1.5%) inflation is expected in Armenia as of end-2008.

    --Boundary_(ID_Z4FWyEXX1ES+O3HpQ1DiJw)- -
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