Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was a record high of 12.8 percent in August, up from 11.9 percent in July.

The IMF agreed a $5 billion standby arrangement with Ukraine in June 2020 and an initial tranche of $2.1 billion was rapidly disbursed.

Consumer prices in Armenia were up 8.8 percent year-on-year in August after 8.2 percent inflation in July. Inflation in August was 0.4 percent compared to a month earlier when the consumer price index declined by 0.5 percent.

Funds are aimed at facilitating better connectivity in the Central Asia region and beyond as well as promoting international flight safety standards, EBRD said.

This financing is part of a wider EU4Business and EBRD credit line – a financing instrument to boost the competitiveness of local firms in the Eastern Partnership region.

The rate on access operations to provide liquidity was set raised to 10.50 percent, and the rate on access operations to withdraw liquidity - to 8.50 percent.