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CBA Reduces Annual Refinancing Rate

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  • CBA Reduces Annual Refinancing Rate

    CBA REDUCES ANNUAL REFINANCING RATE

    Information-Analytic Agency NEWS.am
    Sept 8 2009
    Armenia

    At its sitting today, the Board of the Central Bank of Armenia (CBA)
    decided to reduce the annual refinancing rate by 0.25% down to 5%. The
    CBA press service told NEWS.am that the decision is in harmony with
    the trends on the financial market and, without threatening the price
    stability, contributes to economic revival.

    The world economy continued showing signs of improvement accompanied by
    a gradual rise in the prices for raw materials and some other product
    items. Under the circumstances, despite further downward trends in
    the aggregate demand, domestic markets did not register any deflation.

    The CBA reports that a deflation rate of 0.4% was registered this
    August as compared with this July. As a result, an annual inflation
    rate reached 3.5%.

    This is the seventh reduction of the annual refinancing rate since
    the CBA returned to a floating rate policy: the rte was first reduced
    down to 7.5%. On May 12, the CBA reduced the annual refinancing rate
    down to 7.25%, and on May 22, down to 6.25%.
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