YEREVAN. – There is no need to fear the increase in the refinancing interest rate in Armenia.

Chairman Gagik Makaryan of the Republican Union of Employers of Armenia stated the aforesaid on Friday.

“The restraining monetary-creditary policy is not always the worst decision. In this case, the Central Bank [of Armenia] has solid reasons to act in such manner,” Makaryan said.   

To note, the Board of the Central Bank of Armenia adopted a decision Tuesday to increase the refinancing interest rate in the country by 0.5 percent making it reach up to 8.5 percent.

As a result, inflation should gradually reduce in the coming months.     

But if Armenia’s economic growth proceeds slowly, the board is prepared to relax the monetary-creditary conditions yet again.