Yerevan/Mediamax/. At the session on July 13, Board of the Central Bank (CB) of Armenia made a decision to leave the refinancing rate at the level of 7.25%.

Mediamax was informed at the press service of CB that there was deflation at the volume of 0.8% registered in June, 2010, as compared to May, as a result of which the index of 12 months’ inflation made 5.8%, having reduced by 0.5 percentage points, as compared to the analogous index of the previous month.

CB Board believes that consistent toughening of monetary-credit policy, reduction of global prices for raw materials and foodstuffs, as well as gradual fading of the expansive influence of monetary-credit and tax-budgetary policy of 2009 led to accelerated reduction of 12 months’ inflation index, which, nevertheless, still exceeds the upper limit of the targeted corridor.

Despite the opinion of CB Board, according to which the influence of the mentioned factors will continue in future, nevertheless, gradual restoration of the gross demand and the dynamics of prices for agricultural products are aimed at forming inflationary pressures. At the same time, the future behavior of EUR and the global prices for raw materials and foodstuffs remains unclear.

In this situation, CB Board considers it expedient to refrain from changing the monetary-credit policy.