Armenian Central Bank raised the base rate to 7.75%

A regular session of the Armenian Central Bank has ended. It was decided to raise the rate by 0.5 percentage points to 7.75%. The country’s central bank began to raise its key rate in December last year amid growing inflation. This year, Armenian Central Bank increases the rate for the fifth time. In general, it increased by 2.25 percentage points. For eight months of 2021, inflation in the country was 3.7%. According to the official forecast of the Armenian government, which is spelled out in the state budget, this year will end with inflation of 4%. Earlier, the EDB noted that the Armenian economy this year will not be able to return to the observed volume before the pandemic crisis started. This is due to the fact that she suffered from the quarantine effects more than other countries did. According to the results of last year, the gross domestic product of Armenia fell by 15%. EDB analysts expect Armenia’s economy to grow by 4.5% in 2021. By the end of next year, inflation in the country will reach 5%.

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Arseny Kudrin

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