Armenia’s central bank raises refinancing rate to 8.5 pct from 6.75 pct

Armenia’s central bank has raised its key refinancing rate to 8.5 percent from 6.75 percent on Tuesday.

Annual inflation was at 2.6 percent in November, the central bank said, up from 2.2 percent in October. Monthly inflation in November was at 1.3 percent, compared to inflation of 1.0 percent in October.

The central bank kept its refinancing rate unchanged at 6.75 percent in September and November after cutting it from 7.00 percent in August. Last week, Russia’s central bank raised its key interest rate by 650 basis points to 17 percent.

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