Aggressive Monetary Easing To Last Through 2012

Monetary easing in Armenia has further to run after the central bank began lowering the refinancing rate by 50 basis points in September to 8.00%. With inflationary pressures rapidly receding and the growth outlook increasingly uncertain, we see rates at 7.50% before year-end and expect an additional 50 basis points of cuts to 7.00% in 2012.

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