Yerevan/Mediamax/. Head of Monetary-Credit Policy Department of the Central Bank (CB) of Armenia Artur Stepanyan stated today that the planned toughening of monetary-credit policy will not lead to abrupt decrease in crediting.

Mediamax reports that, presenting the monetary-credit policy program of CB for the I quarter of 2011 today, Artur Stepanyan stated that this year certain growth in credit interest rates is probable; and the fact will allow mitigating the influence of the aggregate demand for inflation. At that he expressed confidence that the high crediting speeds will be preserved, although they will be more retrained, as compared to last year.

“The spasmodic increase of prices for foodstuffs all over the world has especially painful effect on economies, which traditionally function in a low inflation environment and where the foodstuffs have a big share in the consumer basket. Armenia is one of those economies”, Artur Stepanyan stated.

Head of Monetary-Credit Policy Department of CB stated that the 9.5% inflation, expected in the first half of the year, is conditioned by the continuing increase of prices in world markets; however, the complex measures of CB and the government will allow abruptly decreasing the inflation from the second half of the year and making it reach the target limits.