YEREVAN, April 18. /ARКА/. The Central Bank of Armenia should be prepared to raise the refinancing rate as needed to return inflation to the target level amid rising inflationary pressures and heightened uncertainty, stated Alexander Timan, head of the IMF mission to Armenia.
On March 17, the Central Bank of Armenia maintained the refinancing rate at 6.5% for the third consecutive time. Prior to this, the regulator’s board had been continuously lowering the refinancing rate since June 2023, gradually bringing it from 10.75% to 6.5% in December 2025.
“A flexible exchange rate remains a key shock absorber, and the CBA’s international reserve buffers ensure resilience to external shocks. The Central Bank of Armenia continues to closely monitor financial sector risks and improve its supervisory tools and capacity,” said Timan in a statement published by the Fund’s press service following the IMF mission’s visit to Yerevan on March 19-30.
According to the Central Bank of Armenia, Armenia’s gross international reserves as of March 2026 amounted to $5,542.4 million, compared to $5,520.7 million in February 2026 and $3,926.1 million in March 2025.
According to the Armstat, 12-month inflation in the Armenian consumer market in March of this year was 4.5%. The 2026 state budget of Armenia projects inflation at 3% (±1%). -0-
