Yerevan/Mediamax/. Board of the Central Bank (CB) of Armenia made a decision at the session on August 10 to leave the refinancing rate at the level of 7.25%.

Mediamax was informed in the press service of CB that there was 0.8% deflation registered in July, 2010, as compared to June, as a result of which the index for 12 months of inflation made 7.8%, having increased by two percentage points, as compared to the analogous index of the previous month.

CB Board established that the developments of external and internal macroeconomic environment are concordant with the directions, mentioned in the program of monetary-credit policy for the third quarter. As a result of EUR appreciation in the global financial market and aggravation of specific problems in individual product markets, in particular, the one of grain, certain increase of external inflationary pressures is being observed.

Taking into account the still preserving uncertainties, related to the domestic prices’ reaction to the external factors, as well as the further process of price change for agricultural products, CB Board considers expedient to refrain from toughening the monetary-credit policy. At that, depending on manifestation of the mentioned risks, the Board does not rule out clarification of the rates in future.