YEREVAN, DECEMBER 4, NOYAN TAPAN. At the Decemebr 4 sitting, the Board of the Central Bank of Armenia (CBA) raised the refinancing interest rate by 0.5%, setting it at 5.75%. NT was informed by the CBA press service that 2.1% inflation was registered in November on October 2007, as a result of which the 12-month inflation made 6.8%, exceeding by 1.3% the upper limit of the target inflation of 4+-1.5%. According to the CBA Board, in the fourth quarter, high growth rates of private spending (under conditions of a high infaltion environment formed under the impact of external shocks) will keep inflation pressures. The CBA Board stated that it will be consistent in neutralizing the secondary impacts of external inflation shocks, as well as the inflation pressures conditioned by growing demand, and in mitigating inflation expectations. By another decision of the CBA Board, Avangard Invest credit organization CJSC has been registered and licensed.

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