The board of the Central Bank of Armenia raised its benchmark rate by 25 basis points, to 9.5%, on August 2.

Armenian policy-makers have been raising the key rate since December 2020 from a pandemic low of 4.25%, following the Armenia-Azerbaijan war between September and November 2020. The August 2 decision is the tenth rate increase since that war. The largest rate hike, made in March, during the first month of the Russian invasion of Ukraine, was 125bp.

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