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YEREVAN, AUGUST 15, ARMENPRESS. On August 15 the Board of the Central Bank of Armenia made a decision to keep the refinancing rate unchanged, setting it 6.0%, press service of the CBA told Armenpress.
The 12-month inflation comprised 1.1% which exceeded the expected level under the monetary-loan policy program of the second quarter by 0.3%. In July 2.6% deflation was recorded in connection with seasonal decline of agriculture products, and in this situation 12-month inflation decreased to some extent, comprising 0.9% as of late July.
The prospects for improving the global economy growth in the external sector have been maintained, and the prices in international commodity markets demonstrated stabilization trends. Based on this, the CBA Board doesn’t expect major inflationary effects from external sector in the upcoming months.
The Board records that high economic activity and the recovery trends of the domestic demand have been maintained based on the factual results of the second quarter of 2017.
In these circumstances, the CBA Board finds it appropriate to keep unchanged the monetary-loan terms as a result of which inflation will gradually increase.
At the same time, in case of deviation risks from economic development prospects and inflation recovery trajectory, the CBA will clarify the monetary-loan policy directions by ensuring the implementation of inflation targeting in the medium-term.