YEREVAN. – Inflation in Armenia in 2019 was lower than the planned indicator. Martin Galstyan, new governor of the Central Bank of Armenia (CBA), stated this at Monday’s sitting of the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly, during the discussion of the annual report on the CBA activities.

According to him, the last inflation in 2018 was 1.8 percent. "According to the monetary policy program, the Central Bank has given priority to the gradual recovery of inflation. In one year, the inflation was formed lower than the expected indicator," Galstyan said.

"A decrease in gross demand is noticed, and the year ended with low inflation," he added, in particular.

Also, the new head of the CBA recalled that in the second half of the year, the bank twice reduced the refinancing rate—from 6 percent to 5.5 percent.