YEREVAN, JUNE 15, ARMENPRESS. President of the Central Bank of Armenia Martin Galstyan forecasts certain increase in loan interest rates.

“As a result of the operation of transfer mechanism we expect that there will be a certain increase in interest rates”, he said at a press conference today asked what impact the increase in refinancing rate will have on the loan interest rates. He added that this also can have an effect on investments.

Mr. Galstyan said with the CBA estimations it’s very important to have a certain effect on the people’s behavior of replacing savings with consumption and increase people’s preference to savings.

During today’s session the Board of the Central Bank decided to raise the refinancing rate by 0.5%, setting it at 6.5%.

Editing and Translating by Aneta Harutyunyan