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By December 2021, the inflation was 7,4, the average inflation is 7,2%. During the year 2021, the forecasts of the bank were specified: to restrain the inflation risks coming from the external environment the interest rate of refinancing has been risen from 4,25% up to 7,75% during the year. The Deputy Governor of the RA Central Bank (CB) Hovhannes Khachatryan said about that at May 16 sitting of the Standing Committee on Financial-Credit and Budgetary Affairs while presenting the annual report on the activities of the structure.
The CB annual report includes the inflation summary of 2021 and the forecast of 2022.
The Committee Chair Gevorg Papoyan has underlined that Armenia is the only country among the EAEU member states not having two-digit inflation. In this issue the deputy highlighted the role of and the right work of the CB. According to Gevorg Papoyan, nevertheless, the inflation has an impact on the citizens’ standard of living, and the Government, the National and the CB should take steps in increasing the public incomes.
Hobhannes Khachatryan underscored that the CB forecast 1,5% economic growth for 2021, and the inflation is 6,2%. During the year the forecast were changed, the inflation pressures coming from the foreign sector increased. As a result, 5,7% economic growth and 7,4% was registered. The main effecting factors were the changes of the international price dynamics on food and energy carriers.
Beginning from 2021 the refinancing interest rate of the CB has almost always been low of the neutral interest rate.
Touching upon the inflation forecast of 2022, the Deputy Governor of the Central Bank noted that at the beginning of the year the CB forecast 6,5% level of inflation and 1,5% of economic growth, conditioned by external environment. It has been stated that at this moment there is essential growth of external demand.
Speaking about the impact of the RF economy on our country, Hovhannes Khachatryan has said: “We have 2,5bln USD international trade with the RF, from which the export is 800mln, and import – 1,7bln USD.”
The speaker answered to the deputies’ questions. They mainly related to the volume of the monetary transfers, the fluctuations of the currency, the reasons of the abrupt growth of some goods, etc.
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