The Central Bank of Armenia held its refinancing rate at 6.50% in the first quarter of 2026, balancing accelerating inflation and expansionary domestic demand against risks of weaker global and partner-economy growth. Over the past year, it held the rate at 6.75% through November 2025, cut it by 25 basis points in December and maintained the new level in February 2026. Annual inflation rose to 4.3% in February, above the 3% medium-term target, while fourth-quarter economic growth accelerated to 9.8%, driven by construction, services and manufacturing, alongside strong credit growth. Global risks include sharply higher oil prices following escalating Middle East tensions, possible supply-chain disruptions, trade uncertainty and a deteriorating growth outlook. The Board said it will continue monitoring economic developments and stands ready to act to ensure price stability over the medium term.
Central Bank of Armenia2026-03-17
Central Bank of Armenia Holds Refinancing Rate at 6.50%
The Central Bank of Armenia held its refinancing rate at 6.50% amid inflation of 4.3% in February and fourth-quarter economic growth of 9.8%. It will monitor domestic demand and global risks and act as needed to ensure medium-term price stability.