Sat, 12 April
7.1 C
Yerevan
USD: 391.07 RUB: 4.66 EUR: 443.20 GEL: 142.03 GBP: 511.21
spot_img

More expensive prices of gas and electricity to push inflation by 2.5 percent: Central Bank

YEREVAN, June 10. / ARKA /. The chairman of Armenia’s Central Bank, Artur Javadyan, told the parliament today that the rise in the prices of gas and electricity to become effective from July 7 will push the inflation rate by 2.5%.

He said this figure is based upon the findings of a study conducted by the Central Bank. He added also that higher prices for gas and electricity will affect also the monetary policy.

In his words, these changes in view the Central Bank and the government should consider new principles of monetary policy. He argued that such circumstances usually lead to enforcement of tighter monetary policy, but added however, it was too early to speak about a possible increase in the key refinancing rate.

“The main objective of the Central Bank is to ensure price stability,’ he said.

The government’s projection of inflation for this year is 4 + -1.5%. In January-April it was 3.2%.
Last week Armenia’s Public Services Regulatory Commission (PSRC) raised formally the gas price for households from 132 drams to 156 drams (38 U.S. cents) per cubic meter. It also authorized an almost 27 percent surge in the domestic electricity tariff effective from July 7.

On May 14 Armenia’s Russian-controlled ArmRosGazprom (ARG) national gas distribution company asked the regulatory body to allow it to charge individual customers 221 drams per cubic meter. The company argued that Russia’s Gazprom monopoly raised the gas price for Armenia by 50 percent to $270 million per thousand cubic meters in April. The Armenian government said afterwards that it will subsidize the new tariff to cut it by 30 percent. ($1 – 413.06 drams). -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Euro to jumps by 5.08 points to AMD 432.41

The average market exchange rate of the U.S. dollar to the Armenian dram rose today by 0.77 points to AMD 391.78 compared to April 8, 2025.

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

ADB plans to invest $310 mln in two projects in Armenia and co-finance housing construction project for $500 mln

The Asian Development Bank (ADB) plans to invest $310 million in two projects in Armenia and to co-finance a $500 million housing construction project, Don Lambert,  ADB Country Director for Armenia, said in response to ARKA News Agency's question whether the previously announced two projects would be implemented and whether new ones were expected.

LATEST NEWS

spot_imgspot_imgspot_img