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Armenia's Central Bank Defined 7.25 Per Cent Refinancing Interest Ra

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  • Armenia's Central Bank Defined 7.25 Per Cent Refinancing Interest Ra

    ARMENIA'S CENTRAL BANK DEFINED 7.25 PER CENT REFINANCING INTEREST RATE

    ARKA
    May 15, 2009

    Yerevan, May 15, Noyan Tapan. Armenia's Central Bank Council reduced
    the refinancing interest rate by 0.25 percentage point to 7.25
    per cent.

    As the CB public relation department reported, the council of the
    central bank stated 3.2 per cent of price growth was recorded in April
    of 2009 against March, the price growth within 12 month reached 3.1
    per cent.

    The Council of the CB stated that current inflationary developments
    are mainly relevant to the directions for the forecasted period.

    According to the CB PR department, since the second quarter of 2009
    the inflation pace, as expected, began to accelerate. However, the
    inflation pace will not surpass the upper target within forecasted
    period.

    Concurrently, further inflation tendency will be conditioned by
    indirect impact of the rate increase for main utility services within
    this April. In addition to it, the inflation growth will be affected
    by continuing process of price adjustment for imported goods, which
    started due to dram devaluation in the beginning of this March.

    GDP rate, lower than balanced level for the forecasted period, and
    outer deflation environment soften the influence of the mentioned
    factors on the regular level of prices.
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