CBA stimulate economy and curb inflationAugust 28, 2009 - 16:29 AMT PanARMENIAN.Net - Optimal refinancing interest rate ensures low inflation and high economic growth, finance minister of Armenia Tigran Davtyan told a press conference on Friday. According to him, Central Bank of Armenia continues the policy of reducing the refinancing rate, which is fully welcomed by the ministry of finance. "The process of reducing the refinancing rates continue, and it stimulates the economy. We would be happy if the central bank will continue reducing it, but the task of the central bank is not only in stimulating the economy, but also curbing the inflation level. Optimal refinancing rate ensures low inflation and high economic growth," he said. Nevertheless, according to the minister, positive trends observed recently shape the "cheap money". On August 11, 2009 the Central Bank of Armenia decided to reduce the refinancing rate by 0.25 percentage points to 5.25 per cent per annum. At the beginning of the year the refinancing rate was 8 per cent and was reduced six times since March 3, when the central bank announced a return to a floating rate policy and raised the refinancing rate by one percentage point to 7.75 per cent per annum. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. Armenia says ready to extend nuclear plant’s lifetime by 10 years Armenia has taken necessary measures to extend the lifetime of its nuclear power plant until 2036. Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. |