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The Central Bank of Armenia reduces the refinancing rate to 8.5%

Arshaluis Mgdesyan
12.03.24 13:53

The Board of the Central Bank of Armenia decided to once again lower the refinancing rate by 0.25 percentage points at its meeting on March 12, setting it at 8.5%.

This is not the first reduction in the refinancing rate since June 2023. The Central Bank of Armenia has been lowering the refinancing rate since June 2023 to facilitate access to financial resources.

In addition, according to the press service of the Central Bank of Armenia, the Lombard repo rate provided by the Central Bank is set at 10%, and the interest rate on attracted funds for banks is 7%.

Previous changes in the refinancing rate occurred since December 15, 2020, when it was regularly raised from 4.25% to 10.75%. According to Central Bank representatives, such steps were taken to control inflation.

Earlier, BMG reported that in February 2024, Armenia experienced deflation at a rate of 1.7% compared to February 2023, with a monthly deflation rate of 0.7%.

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

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