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Armenia remains in deflation: Central Bank lowers key rate

Martin
Arshaluis Mgdesyan
30.04.24 18:18
35

In the first quarter of 2024, Armenia's 12-month inflation continued to decline, reaching -1.2% in March, stated Martin Galstyan, the Chairman of the Central Bank of Armenia, during a press conference on April 30.

"Global inflation continues to slow down. As a result, we expect a weak deflationary impact on Armenia's economy from the external sector. The low level of inflation in our country persists," noted Galstyan.

According to him, the Central Bank's Council will continue to monitor economic development scenarios and is prepared to take adequate measures to maintain inflation at 4% and price stabilization goals in the medium term.

Galstyan also emphasized that Armenia maintained high economic activity (14.3%) in the first quarter of 2024, especially in trade and industry sectors. He pointed out that although some short-term factors influence the economy, the stability of economic growth and long-term prospects remain uncertain.

"The external demand for domestic services is weakening, while high domestic demand continues to contribute to the high growth of private investments," emphasized Galstyan, adding that the increase in labor supply slightly alleviates conditions in the labor market.

Earlier, BMG reported that at the meeting on April 30, the Central Bank of Armenia's Council decided to reduce the refinancing rate by 0.25 percentage points, setting it at 8.25%. The Lombard repo rates were also reduced to 9.75%, and the money attracting rate to 6.75%.

Armenia's economic growth in the 2024 budget is projected at 7%, with inflation set at 4% (±1.5%).

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