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CENTRAL BANK OF ARMENIA HOLDS INTEREST RATE AT 8.00%
Counting Pips
http://countingpips.com/fx/2012/01/13/central-bank-of-armenia-holds-interest-rate-at-8-00/
Jan 13 2012
The Central Bank of Armenia held its key refinancing rate unchanged
at 8.00%. The Central Bank Board said in its release: "The Board
admitted that inflationary pressures coming in to the Armenian
economy from external environment in short run are weak: international
prices of raw materials and food products fell in December in view
of the slowing of the world economy. Nevertheless, world economic
developments and possible inflationary pressures therefrom are in
the focus of the Central Bank. Inflationary pressures from domestic
economic developments are at their smallest as the impact of the fiscal
policy and private spending as well as the developments in the labor
market on the inflation environment are estimated to be neutral."
Previously the Bank cut the reference rate by 50 basis points at its
September meeting in 2011, after last raising the refi rate by 25 basis
points to 8.50% in April last year. Armenia reported annual inflation
of 2.5% in December, down from 4.8% in November, the same as 4.8% in
August; down from the higher figures seen earlier last year e.g. 9%
in May, and 11.5% in March, yet still within the inflation target
range of 2.5%-5.5%. Armenia's currency, the Armenian Dram (AMD),
last traded around 388 against the US dollar.
www.CentralBankNews.info
From: Baghdasarian
Counting Pips
http://countingpips.com/fx/2012/01/13/central-bank-of-armenia-holds-interest-rate-at-8-00/
Jan 13 2012
The Central Bank of Armenia held its key refinancing rate unchanged
at 8.00%. The Central Bank Board said in its release: "The Board
admitted that inflationary pressures coming in to the Armenian
economy from external environment in short run are weak: international
prices of raw materials and food products fell in December in view
of the slowing of the world economy. Nevertheless, world economic
developments and possible inflationary pressures therefrom are in
the focus of the Central Bank. Inflationary pressures from domestic
economic developments are at their smallest as the impact of the fiscal
policy and private spending as well as the developments in the labor
market on the inflation environment are estimated to be neutral."
Previously the Bank cut the reference rate by 50 basis points at its
September meeting in 2011, after last raising the refi rate by 25 basis
points to 8.50% in April last year. Armenia reported annual inflation
of 2.5% in December, down from 4.8% in November, the same as 4.8% in
August; down from the higher figures seen earlier last year e.g. 9%
in May, and 11.5% in March, yet still within the inflation target
range of 2.5%-5.5%. Armenia's currency, the Armenian Dram (AMD),
last traded around 388 against the US dollar.
www.CentralBankNews.info
From: Baghdasarian