Yerevan /Mediamax/. On January 20, Central Bank (CB) of Armenia made a decision to mark up the refinancing rate by 0.5 percentage points, establishing it at the level of 5.5%.

Mediamax was informed in the press service of CB that there was inflation of about 2% registered in December, 2009, as compared to November, as a result of which the inflation index following the results of a year made 6.5%, surpassing the upper limit of the targeted level by 1 percentage point.

CB Board established that against the background of tendencies towards revival of global economy, external inflationary pressures increase, which is conditioned by speedier growth of international prices for raw materials and foodstuff than forecasted.

“At the same time, gradual reestablishment of domestic economic activity and consumer demand also continue increasing the general inflationary background”, CB Board notes.

The Board believes that in conditions of continuing tendencies mentioned and in the view of expectations of economic activity revival, the high inflationary background will be maintained within the forecasted level and in these conditions the Board considers gradual toughening of monetary-credit policy necessary.