The Central Bank of the Republic of Armenia on May 15 maintained its key refinancing rate at 6%.

Armenia's inflation fell 0.3% in April compared with a 1% rise in the year-ago period, as core inflation growth slowed and prices of seasonal goods fell, the bank said. The 12-month inflation rate in late April was 2.4%.

The central bank estimates inflation will remain within a narrow range in the coming months and stabilize at around the 4% target.

The Armenian economy posted "relatively strong" growth in the first quarter on the back of expansions in the industry, construction and services sectors and a rebound in domestic demand.

However, from the second quarter, demand should "decelerate to some extent, gradually approaching its equilibrium," the bank added.

In March, the central bank also kept its key rate unchanged.