Armenian Central Bank raises refinancing rate

The Armenian Central Bank has raised the refinancing rate for the second time this year. It has been raised by 0.25% to 8.5%, Armenia Today reports.

The director of the bank’s monetary-credit policy section, Artur Stepanyan, said a month ago that the bank has no other mechanisms to fight inflation. The goal is to have inflation drop below 5.5%.

The bank raises the rate and adjusts obligatory reserving. The rate may rise again in the near future, Stepanyan said.