Central bank of Armenia drives refinancing rate 0.25 percentage points up to annual 6%

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05.02.2008, 00:37

Central Bank of Armenia decided Monday to drive refinancing rate 0.25 percentage points up to annual 6%, the CBA press office reports.

YEREVAN, February 4. /ARKA/. Central Bank of Armenia decided Monday to drive refinancing rate 0.25 percentage points up to annual 6%, the CBA press office reports.

The report says that the bank board’s members are united in thinking that high inflation rate create adverse environment for weakening inflation pressures on domestic economy.

At the same time, developments inside the country will heavily depend on high pace of individual consumption growth and the taxation budgetary policy to be widened in 2008.

The CBA board members expect the outside inflation pressure to go on throughout this year. They think it will be possible to curb inflation and mitigate inflation pressure only by tightening monetary conditions.
2.4% inflation was recorded in Armenia in January 2008, compared with the previous year’s December, and 6.6%, compared with January 2007.

In the state budget, inflation is planned to be 4% (+- 1.5%) by late 2008.-0-

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