Armenia’s Central Bank has raised its key refinancing rate to 5.5%, the bank said in a statement on Tuesday, February 2.

The Central Bank had increased the refinancing rate by 1 percentage point -from 4.25% to 5.25% – in mid-December.

The World Bank said earlier that Armenia's economy will contract by 8% in 2020 and bounce back and grow by 3.1% and 4.5% in 2021 and 2022, respectively.