Mon, 30 June
26.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

Armenia’s Central bank keeps its refinancing rate unchanged at 7.25 percent

YEREVAN, January 11. /ARKA/. Armenia’s Central Bank said today it has kept its refinancing rate unchanged at 7.25 percent for the eighth consecutive month despite high inflation.

It said on a monthly basis, the inflation in December rose 1.8% from November and the annual inflation rate stood at 9.4 percent. In a statement the Central Bank blamed the inflation on high price of food and commodities on global markets.

The Central Bank l said also inflationary pressures coming from global commodity markets will maintain and even increase. This tension coupled with inflationary pressures, prompted by adverse developments in agriculture in 2010 will continue shaping secondary impact and inflationary expectations.

The bank said also a “tightening of monetary credit conditions” was possible in the future. It said it hoped for a recovery in agricultural production in 2011.

The Central Bank last raised the refinancing rate in May last year. It hiked the rate 225 basis points to 7.25 percent between the start of 2010 and May in response to accelerating inflation, reversing most of last year’s rate cuts. The government projects a 4±1.5% inflation for 2011.  -0-

spot_img

POPULAR

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Byblos Bank Armenia becomes CaseKey strategic partner

Byblos Bank Armenia has become the strategic partner of the CaseKey Business Case Competition, emphasizing the importance of continuous investment in promising educational programs.

EBRD’s investments in Armenia in 2024 reached record 400 million euros – Head of Finance Ministry

he European Bank for Reconstruction and Development's (EBRD) investments in Armenia in 2024 hit the record 400 million euros, Armenian Finance Minister Vahe Hovhannisyan said at a meeting with EBRD President Odile Renaud-Basso in London.

Russian president gives Yerevan-based Balchug Capital permission to buy Gazprom, Inter RAO, and LUKOIL shares from Goldman Sachs

Goldman Sachs International will be able to sell minority stakes in a number of Russian blue chips to Balchug Capital CJSC, the same company that received permission from Russian authorities to buy the local banking unit of the American financial group.

LATEST NEWS

spot_imgspot_imgspot_img