News - Armenia Central Bank official: We will have around 0% inflation in accordance with year’s results

In monetary policy, we have been successful in achieving our key targets. Armen Nurbekyan, Deputy Governor of the Central Bank of Armenia, stated this in an interview with the Public Television of Armenia. "Particularly, at the end of 2022, we [i.e. Armenia] had high inflation—around 8 percent. There was high inflation in Armenia in 2021 as well, as a result of which inflationary expectations had increased. It was for this reason that we raised interest rates, which enabled to bring inflation back to the target indicator. And as a result of the year, we will have around zero percent inflation at the end of the year. In fact, we will have high economic growth, but low inflation, which is a rare phenomenon in the world," said Nurbekyan. According to him, if we look at the combination of economic growth and inflation in Armenia, we can record that it is already the second year that the country has high economic growth and low inflation. "In 2022, we had 12.6 percent economic growth, in 2023 we expect economic growth above 8 percent, but we have low inflation. In this sense, it is obvious that we are in quite good positions. Since we have started the task of reaching the inflation target and keeping inflation predictable early, we are lowering the interest rates for quite a long time in order to be able to bring the inflation back to the target," said the deputy governor of the Central Bank of Armenia.