1 Nov 2022 13:04

Armenian Central Bank raises refinancing rate to 10.5%

YEREVAN. Nov 1 (Interfax) - The board of the Central Bank of Armenia (CBA) decided on Tuesday to raise the refinancing rate by 0.5 percentage points to 10.5%, the CBA said in a statement.

The rate had been at 10% since September 13, when it was also raised by 0.5 pp.

The CBA has been steadily raising the rate since December 2020, when it was hiked by 1 pp, from 4.25% to 5.25%, in light of forecasts that inflation would accelerate. The rate was then raised to 5.5% in February 2021, to 6% in May, 6.5% in June, 7% in August, 7.75% in December, 8% on February 1, 2022, 9.25% on March 15 and 9.5% on August 2.

Inflation in Armenia was 9.9% in the first ten months of 2022.