Arménie Taux d'intérêt

The Central Bank of Armenia cut its benchmark interest rate by 25 bps to 6.5% at its December 2025 meeting, marking the second and final cut this year and bringing borrowing costs to their lowest level since July 2021. Policymakers also reduced deposit and lending rates to 5% and 8%, respectively. The decision came as headline inflation slowed to 3.1% in November, close to the 3% target, while core inflation rose to 3.8%, with recent pressures seen as supply-driven and demand-neutral. Economic activity remained strong, although uncertainty persisted over domestic demand and weaker growth in key trading partners. The board flagged two-sided risks, ranging from global inflation and fiscal pressures to softer external and domestic demand, including real estate adjustments. Overall, policymakers signaled a gradual easing path ahead, with markets pricing the policy rate near 6.25% over the next 12 months, while reaffirming their commitment to price stability at 3%.