YEREVAN. – A balanced fiscal policy was conducted in Armenia in 2011, Central Bank Chairman Arthur Javadyan stated Monday during joint session of the National Assembly standing committees. 

Specifically, the fiscal policy was intended for restoring economic activity and securing the stability of state debt. The policy was accompanied by a reduction in the budget deficit, and this substantially contributed to bettering macroeconomic stability.    

In Javadyan’s words, the Central Bank tightened up the monetary conditions in the first half of the year, but conducted a generally neutral policy in the latter half.

In September 2011, the Bank reduced the refinancing interest rate by 0.5 percentage point and set it at 8 percent. And this interest rate is maintained to this day.