Armenia's Central Bank raised its key refinancing rate to 9.5 percent from 8.5 percent during an emergency sitting of the monetary policy committee on Thursday, Jan 22, Reuters reports.

The bank's regular meeting on interest rates is only scheduled for Feb.10.

Annual inflation stood at 4.6 percent in December, the Central Bank said, up from 2.6 percent the month before. Monthly inflation in December came in at 3.0 percent, compared to 1.3 percent in November.

The central bank raised its refinancing rate to 8.5 percent from 6.75 percent in December.