CBA REDUCES REFINANCING RATE BY 0.25% TO 6.75%
Noyan Tapan
Feb 10, 2009
YEREVAN, FEBRUARY 10, NOYAN TAPAN. At the February 10 sitting, the
Board of the Central Bank of Armenia (CBA) reduced the refinancing
rate by 0.25%, fixing it at 6.75%.
According to the PR Service of the CBA. only 1.2% inflation was
recorded in January 2009 on the previous month, as a result of which
the 12-month inflation declined as compared with 5.2% inflation in
late 2008 and made 4%.
The CBA Board said that the deflationary environment in international
markets under conditions of the global economic crisis and the
slowing rates of the domestic demand’s growth contribute to the
formation of low inflation. Having discussed the current situation
under conditions of the global financial and economic crisis, the CBA
Board finds it expedient to implement a monetary policy conducive to
efficient combination of the tasks of ensuring financial stability
and stability of prices.