Armenia's Central Bank retains refinancing rate at 9.25% pa

YEREVAN. May 4 (Interfax) - The board of directors of the Central Bank of Armenia on Tuesday decided to retain the refinancing rate, or discount rate, at 9.25% per annum, the regulator said in a statement.

The 9.25% refinancing rate has been in effect since March 15, 2022, when the Central Bank hiked it 1.25 percentage points from the 8% pa that had been in effect since February 1, 2022.

The Central Bank of Armenia has been gradually raising the refinancing rate since December 2020, when it hiked it right away by 1 ppt from 4.25% pa to 5.25% pa, accounting for forecasts of accelerated inflation. The regulator hiked the rate again to 5.5% pa in February 2021, then to 6% pa in May, to 6.5% pa in June, to 7% pa in August, and to 7.75% pa in December of that year.