Yerevan/Mediamax/. At today’s session the Board of Armenian Central Bank (CB) made a decision to leave the refinancing rate without any changes establishing it at the level of 8.5%.

As of June 2011, 1.4 deflation was registered, as a result of which 12-month inflation decreased as compared to May index by 0.5 percentage points and made 8.5%, CB press service informed Mediamax.

The influence of the foodstuffs on the 12-month index of inflation is still high – 7.3 percentage points.

CB’s Board stated that at present there are no essential inflationary signals from the external environment: despite some volatility, in the second quarter of 2011 relative price stability was observed on the international markets, and now inflation pressures are neutralized.

According to the Board, inflation environment is not formed by internal economic developments either, the labor market’s and private expenses’ influence is neutral, and the tax-budgetary policy impact is retraining. Simultaneously, inflation pressures continue being subdued by toughening of monetary-credit policy from the beginning of 2011.

The Board concluded that the current development of Armenian and world economy as well as more favorable conditions in the rural economy as compared to May allow us to affirm that the inflation will be in the target interval of 4% ± 1.5 percentage points by the end of the year.