The Armenian Central Bank on Tuesday, April 28 cut its key refinancing rate by 0,25% to 5.50%.

In March, the country's consumer price index rose by 0.5% month-on-month, but was down by 0.1% year-on-year, the bank said.

The central bank will hold its next meeting on rates on October 29.

The Central Bank also said that economic activity will continue shrinking in the second quarter too.

Economic activity in Armenia shrank by 4.9% in March year-on-year, data from the National Statistical Service reveals, as a result of a lockdown imposed in mid-March in a bid to curb the Covid-19 outbreak.