Կենտրոնական բանկ

The Board of the CBA lowered the refinancing rate by 0.25%

On the January 13, 2008 meeting, the CBA Board reduced the Refinancing Rate by 0.25 pp to 7.00%.

In December 2008, compared to November, inflation of only 0.1% was recorded, while the 12-month inflation decreased by about 1.4 pp to 5.2%, providing the inflation target.

The Board confirmed that the external inflationary pressures continued easing in December, mainly determined by the persistent slowdown of the world economic growth. These developments continued to affect domestic food and non-food markets, resulting in a considerable decrease of inflation rate.

The Board admitted that in spite of uncertainties in internal and external developments, external deflationary environment due to the world demand decrease, and its influence on domestic prices will persist during the forthcoming period, and the decline of inflation rate will continue. Under these circumstances, the Board considers reasonable to continue easing the monetary conditions and stimulating the sustainable economic growth in the long-run.