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YEREVAN. – Armenia’s Central Bank is not yet inclined to raise the refinancing rate, bank chairman Artur Javadyan told reporters.

He noted that the Central Bank has applied the tools to mitigate currency fluctuations, but for the short-term effect. In particular, in early December, the Lombard rate was raised from 10.5 to 21 percent.

Nevertheless, in late December, the Central Bank may hold a meeting of the Council where refinancing rate will be probably discussed.

“The influence of refinancing rate is stronger and works for a longer term,” Javadyan added. 

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