Yerevan/Mediamax/. At its today’s session, Board of the Central Bank (CB) of Armenia decided to leave the refinancing rate unchanged, establishing it at the level of 8.5%.

In May, 2011, 0.04% inflation was registered, in the view of which the inflation increased by 0.1 percentage points as a result of 12 months, making 9%, Mediamax was informed in CB press service.

CB Board stated that there is mitigation of inflationary pressures, reduction of prices for basic raw material goods and relative stabilization of prices for foodstuffs. The Board believes that influence of the internal market on inflation environment continues remaining neutral. At the same time, reduction of priced for local agricultural products is expected to take place.

The Board believes that the likelihood of expansion of the inflation environment remains low and the current inflation environment can be suppressed by the current interest rates, as a result of which inflation will decline to the target level (4%±1.5 percentage points) in the foreseeable future.