YEREVAN. – The Central Bank of Armenia (CBA) monitors the economy and financial markets on a daily basis, and discusses various alternative scenarios for further economic development. Artur Stepanyan, a member of the CBA Board, said this at a meeting with reporters.

He reminded that on Tuesday, the Central Bank reduced the refinancing interest rate in Armenia to 5.25%, whereas many countries in the region either raised their interest rates or left them unchanged. "It is clear that in this situation, the role of monetary policy is limited, as due to healthcare issues, it is impossible to impact real economic developments with that mechanism," he explained. “However, it is important to continue to maintain macroeconomic stability, which will allow the government to more effectively implement targeted policies in relation to different sectors.

At the same time, as we have a fairly low inflation environment since 2015, with this move we enable to also balance the goal of economic activity and manageability of our inflation."

"I can definitely say that inflation [in Armenia] will remain at its low level in the coming months," Stepanyan added. "When we look at external developments, we can record that we do not see any risk here."