Lower refinancing rate to help banks intensify crediting in Armenia

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03.07.2009, 02:58

The lower refinancing rates will allow Armenian banks to intensify crediting, said Chairman of the Central Bank of Armenia (CBA) Artur Javadyan.

YEREVAN, July 2. /ARKA/. The lower refinancing rates will allow Armenian banks to intensify crediting, said Chairman of the Central Bank of Armenia (CBA) Artur Javadyan.

“We have reduced REPO rates by 1.75 per cent over the last three months, created new market mechanisms and enabled banks to intensify their activities on the credit market,” Javadyan told reporters.

On June 9, 2009, the CBA decided to reduce the annual refinancing rate by 0.25% - down to 6%. It was the 4th reduction of the refinancing rate since March 3, when the CBA returned to a floating exchange rate and raised the annual refinancing rate by 1% - up to 7.75%.

On April 7, the annual refinancing rate was reduced to 7.5%, and on May 12 down to 7.25%. The annual refinancing rate was last reduced on May 22 – by 1%, down to 6.25%.

Javadyan pointed out that the steps inspire hope that the interest rate situation at the end of this year will be similar to that early last year. P.T. –0--

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