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Refinancing Rate Raised By CB Of Armenia To Annual Of 6.5%

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  • Refinancing Rate Raised By CB Of Armenia To Annual Of 6.5%

    REFINANCING RATE RAISED BY CB OF ARMENIA TO ANNUAL OF 6.5%

    ARKA
    April 2, 2008

    YEREVAN, April 2. /ARKA/. The Central Bank of Armenia (CBA) raised the
    refinancing rate by 0.25pct up to an annual of 6.5%. This decision
    was adopted at the sitting of the CBA Directors Board today, the
    Press Service of the CBA reported.

    The CBA Directors Board confirmed that high inflationary environment
    continues deepening in world markets substantially influencing domestic
    prices for foodstuffs. The secondary effects of the mentioned factors
    has already started showing up leading to rise in prices for nonfood
    stuffs and services.

    The CBA Directors Board suggests that in the near future inflationary
    pressures will be maintained and gradual toughening of the conditions
    of monetary and credit policy is aimed at mitigating inflationary
    expectations and neutralizing the secondary effects of the above
    factors.

    In March inflation was 1.4% in Armenia against February. Annual
    inflation was 9.6% as compared with the same period of last year,
    which is a 3poct increase against the annual inflation level recorded
    by the end of 2007.

    Under the state budget, inflation is planned at 4% (±1.5%) by the
    end of 2008.

    --Boundary_(ID_NNb8p8/at6OmhCPOyZxdpA)--

    From: Emil Lazarian | Ararat NewsPress
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