YEREVAN, March 13. /ARKA/. The council of the Central Bank of Armenia (CBA) lowered on Thursday the Lombard repo rate by one percentage point to 13.5%, CBA’s press office reported.
Earlier, the regulator lowered the Lombard repo rate from 17% to 14.5%. The aim of the gradual lowering of the rate is to reduce high interest rates in the financial market. The current refinancing rate is 10.5%.
For curbing the pressures on the currency market amid the dollar rate’s rocketing by 16.6 points to 435 drams per $1, the central bank raised the value of short-term dram liquidity on November 24 and raised the Lombard repo rate from 8.25% to 10.25%, and up to 20% later. Today the USD versus dram rate is 481.75 in Armenia. –0–
