The Central Bank of Armenia possesses two tools to tackle inflation: toughening of credit and monetary policy and raising of refinancing rate.

According to Arthur Stepanyan, head of the CBA credit and monetary department, said that inflation rate increased in many Eastern European and CIS states, where the above mentioned tools were applied.

He did not rule out further toughening of monetary policy but said there are no calculations regarding possible raising of refinancing rate yet.

During the March 4 sitting, the Board of the Central Bank of Armenia (CBA) increased the refinancing rate by 0.5% to bring it to 8.25%.