ARMENIAN CB BOARD RAISED THE REFINANCING RATE, ESTABLISHING IT AT THE LEVEL OF 5.75%

Mediamax Agency, Armenia
Dec 4 2007

Yerevan, December 4 /Mediamax/. Board of the Central Bank of Armenia
raised the refinancing rate for 0.5 percent points, establishing it
at the level of 5.75%.

As Mediamax was told in the press service of the Central Bank, the
corresponding decision was made at the session of the CB Board today.

In November of 2007, as compared to October, 2.1% inflation was
registered. The inflation index as to the whole year made 6.8%,
1.3 percent points exceeding the upper level of the planned 4~Db1,5 %.

The CB Board confirmed that in the fourth quarter of 2007, it will
carry out consequent work on neutralization of inflationary pressures
and softening the inflationary expectations.