YEREVAN, December 7. /ARKA/. Refinancing rate of Central Bank of Armenia which is now 8% should be gradually decreased, considers the Head of Union of Domestic Commodity Manufacturers of Armenia Vazgen Safaryan.
CBA Board on December 6 adopted decision on keeping refinancing rate on the level of 8%. CBA noted the lack of inflation pressures in Armenia coming from global economy, and expects that under the conditions of assumed delay of worldwide price increase, prices of raw-material and food commodity markets will not change significantly.
“Banking percent rates formed in the internal market should promote export”, he said.
Average credit rates provided in the industrial sphere, should not exceed 8-9%.
According to CBA data, average percent rate of credits provided in the industrial sphere was 17.9% in October.
Safaryan considers that national currency should be devalued against USD which also promotes export.
New strategy of export-oriented industrial policy for 2012-2020 developed by the group of experts assigned by the World Bank and with the assistance of the Economy Ministry, was presented on December 4 by the Government of Armenia. It is targeted at the establishment of the developed industrial system for export promotion which, in its turn, will become an incentive for the production of goods corresponding international standards, expansion of foreign markets and creation of new job places. –0–
