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Armenian Central Bank Forecasts Inflation At 5.4% In 2009

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  • Armenian Central Bank Forecasts Inflation At 5.4% In 2009

    ARMENIAN CENTRAL BANK FORECASTS INFLATION AT 5.4% IN 2009

    Interfax
    Nov 5 2009
    Russia

    Armenia's Central Bank forecasts that inflation will total 5.4%
    in 2009, according to figures contained in the bank's fiscal policy
    program for the fourth quarter of 2009.

    The report points to risks that inflation could be higher or lower
    than forecast, stemming from the pace of economic recovery and from
    current low domestic prices due to declining prices for food and
    commodities brought on by the global financial crisis.

    On that basis, the Central Bank plans to hold the refinancing rate
    steady at 5% annually, which will facilitate the fastest possible
    economic recovery without upsetting price stability.

    Armenia had 3.2% inflation in January-October, including 0.5% in
    October, according to the report.

    The Finance Ministry forecasts inflation this year at 3%-4% and the
    World Bank - 6%. Armenia's budget assumes inflation at 4% plus or
    minus 1.5%.

    Armenia had 5.2% inflation in 2008.
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