Armenia raises policy rate 50 basis points

Central bank tightens grip on credit with seventh rate hike in 12 months

The Central Bank of Armenia
Photo: Serouj/Wikimedia

The Central Bank of Armenia’s board announced a 50 basis point hike in its benchmark refinancing rate on December 14, bringing the rate to 7.75%

The Armenian central bank has repeatedly pushed rates up from a pandemic low of 4.25% late last year. Starting with a 100bp hike in December 2020, it has now increased its policy rate seven times.

In a statement, the CBA said economic activity is “lower than expected” but there has also been a “significant increase” in external inflation.

In August

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