Central Bank of Armenia raises refinancing rate by 0.5 points to 6.5%

YEREVAN, March 9. /ARKA/. The board of the Central Bank of Armenia has decided to raise refinancing rate by 0.5 percentage points to 6.5%, the central bank’s press office reported on Tuesday.

The central bank says 0.3% inflation was recorded in Armenia in February, compared with January.

As a result, year-on-year inflation rose 2.4 percentage points in February, compared with the previous month, to 9.4%.

Remarkable is that such a precipitous increase of the year-on-year indicators was due to inflation developments in February 2009, when the country recorded 1.8% deflation.

The central bank thinks inflation reached its peak in February, and its increase will start slowing in March, despite the rise in prices for some utilities in April 1.

Inflation environment of previous months due to increase in world prices for raw materials, mining industries products and essential foods as well as gradual recovery of economic activity will remain unchanged.

According to the press release, the central bank attaches importance to the gradual tightening of monetary policy aimed at narrowing inflation deviation from the planned level.

The previous raise of refinancing rate was made on February 16.

The central bank raised it 0.5 percentage points to 6.0% then. -0—

spot_img

POPULAR

VTB (Armenia) Improves Terms for Real Estate-Secured Loans

VTB (Armenia) has updated the terms of its consumer loans secured by real estate, making the product more accessible and flexible for retail clients. Under the updated offer, clients can apply for a loan of up to 30 million drams, using residential or commercial real estate as collateral within the country.

In Armenia, 82% of the country’s financial system assets are accounted for by the banking system – Central Bank

The assets of Armenia's banking system continue to dominate the country's financial system, accounting for approximately 82% of total assets, or approximately 12 trillion drams, said Martin Galstyan, Chairman of the Central Bank.

About 10% of Armenia’s dram-denominated government debt is held by international institutional players: Central Bank Governor

Institutional players are entering the dram-denominated government debt market in Armenia, stated Martin Galstyan, Chairman of the Central Bank of Armenia.

Unisport – Armenian Futsal Cup holder

The futsal club Unisport, whose main sponsor is Unibank, became the winner of the Armenian Futsal Cup.

Armbanks Weekly Digest: Key Events in Armenia’s Financial Market (May 18-24)

Last week, the Armenian financial market focused on bank restructuring mechanisms, the tax model for bank dividends, the regulatory agenda, comments from international financial institutions, and the development of financial literacy.

LATEST NEWS

spot_imgspot_imgspot_img