In the context of a restraining fiscal policy, the Armenian Central Bank responded to inflationary developments and continue to pursue a stimulating monetary policy by lowering the refinancing rate twice, said Central Bank head on Friday.

According to Arthur Javadyan, maintaining low interest rates, which was accompanied by an increase in lending to the economy, contributed to the growth of gross demand.

“As a result of the formation of economic growth in 2019, domestic spending contributed to a greater extent, especially a significant increase in private consumption by 12.8%,” he added.