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CBA Board Raises Refinancing Rate By 0.25%, Fixing It At 6%

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  • CBA Board Raises Refinancing Rate By 0.25%, Fixing It At 6%

    CBA BOARD RAISES REFINANCING RATE BY 0.25%, FIXING IT AT 6%

    Noyan Tapan
    Feb 4, 2008

    YEREVAN, FEBRUARY 4, NOYAN TAPAN. At the sitting held on February
    4, 2008, the Central Bank of Armenia (CBA) Board raised the CBA's
    refinancing rate by 0.25%, fixing it at 6%.

    NT was informed by the CBA press service that 2.4% inflation was
    registered in Armenia in January 2008 on December 2007, as a result
    of which the 12-month inflation made 6.6%, remaining at the level of
    late 2007.

    The CBA Board takes the view that the high inflation environment,
    which formed in global market, is still remaining and creates no
    bases for weakening inflation pressures in the domestic economy. At
    the same time, developments of the domestic environment will continue
    to be conditioned by high rates of private consumption, also being
    impacted by the tax and budgetary policy with an expanding effect,
    which is expected in 2008. In the opinion of the CBA Board, the
    indicated inflation pressures will remain throughout 2008, and it
    will be possible to mitigate inflation expectation and keep inflation
    within the target level only by gradually tightening the monetary
    and credit conditions in Armenia.
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