YEREVAN, FEBRUARY 10, NOYAN TAPAN. At the February 10 sitting, the Board of the Central Bank of Armenia (CBA) reduced the refinancing rate by 0.25%, fixing it at 6.75%. According to the PR Service of the CBA. only 1.2% inflation was recorded in January 2009 on the previous month, as a result of which the 12-month inflation declined as compared with 5.2% inflation in late 2008 and made 4%. The CBA Board said that the deflationary environment in international markets under conditions of the global economic crisis and the slowing rates of the domestic demand's growth contribute to the formation of low inflation. Having discussed the current situation under conditions of the global financial and economic crisis, the CBA Board finds it expedient to implement a monetary policy conducive to efficient combination of the tasks of ensuring financial stability and stability of prices.

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