CENTRAL BANK OF ARMENIA DOWNS INTEREST RATE ONE POINT TO ANNUAL 6.25%

ARKA
May 22, 2009

YEREVAN, May 22. /ARKA/. On Friday, the Central Bank of Armenia drove
interest rate one percentage point down to annual 6.25%, the Central
Bank’s press office reports.

The board of the Central Bank placed it on record that current
inflation developments generally coincide with forecasts and remain
within the predicted range.

The board members are also unanimous in thinking that the
inflation is unlikely to exceed the predicted rate either in low
inflation environment on domestic and outside markets or amid
deeper-than-expected economic decline.

The board thinks that economic growth can be spurred by precipitous
relief of monetary conditions and faster volume enlargement.