YEREVAN, October 6. /ARKA/. Armenia’s Central Bank told the ARKA news agency there was no need to reconsider its monetary policy.
The news agency asked the regulator whether it was planning to reconsider its earlier made growth forecast in view of an announcement made by Economy Minister Vahan Kerobyan on Wednesday that parts of Gegharkunik, Syunik and Vayots Dzor province were paralyzed or close to being paralyzed due to Azerbaijani aggression against Armenia.
Kerobyan argued that if Azerbaijani troops that invaded parts of these regions did not pull back to their initial positions the economic situation in there regions woud become worse.
The Central Bank said that when deciding on the refinancing rate, its Board considers different scenarios of inflation and the economy, which are regularly monitored and reassessed based on actual developments and trends for a particular period.
“Depending on the size and significance of such reassessments, the Central Bank may make extraordinary decisions on monetary policy, which is currently not required,” the Central Bank said.
Armenian government’s growth projection for 2022 is 7%. The inflation is set at 4% (±1.5%). In September the Central Bank revised upward its growth forecast for this year from the previous 4.9%, to 12.9%, saying also it expects yearned inflation to be around 10%.
In September, the Central Bank also raised its refinancing rate by 0.5 p.p., to 10%. -0-
