Կենտրոնական բանկ

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

In the June 9, 2009 meeting the Board of CBA decided to lower the Refinancing Rate of CBA by 0.25 pp to 6.00 percent.

In May of 2009 inflation was 1.6 percent while the 12-month inflation reached 3.4 percent, remaining within the lower border of the target.

The Board asserted that current inflation developments are mainly in line with the outlined directions. However, conditioned by faster-than-expected reduction of GDP and creation of a new equilibrium in the foreign exchange market, inflation risks at this time are less likely to appear.

In the current situation, the Board finds it reasonable to continue implementing a policy of interest rate cuts and taking brisker measures of quantitative easing, in order to facilitate lending and accelerate the rate of recovery of the economy.