YEREVAN, SEPTEMBER 26, ARMENPRESS. During the session at the Dilijan study-research center on September 26, the Board of the Central Bank of Armenia made a decision to keep the refinancing rate unchanged, setting it 6.0%, the CBA told Armenpress.

In August, 2017 0.4% deflation was recorded. The 12-month inflation comprised 0.9%. The 12-month inflation have increased dramatically reaching to 1.5% from 0.7% of the previous month, but the increase of prices of seasonal agricultural products slowed down, comprising 1.2%.

The prospects for improving the global economy growth in the external sector have been maintained in terms of developed and developing countries. The high level copper prices contributed to this. In this case the CBA Board expects slight inflationary effects from the external sector.

The Board states that in the first half of 2017 compared to the same period of 2016 the economic growth surpassed the expectations by 1.0 percentage points, comprising 6.0%. The high economic activity has been maintained in the third quarter thanks to the increase in industry and services fields.

According to the CBA estimations, the domestic demand is being recovered faster than expected the evidence of which are the high rates of economic lending, increase of import and normal inflation.

In these circumstances the CBA Board thinks that the current level of policy rate is quite promoting and it will be maintained for certain time with a predicted scenario. It will continue transferring its affect on the aggregate demand as a result of which inflation will gradually increase stabilizing over a targeted figure in the predicted horizon.

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.