On 13 December 2022, the Central Bank of Armenia increased the refinancing interest rate (key rate) from 10.5% to 10.75%. This follows an increase in the rate from 9.25% to 9.5% on 2 August 2022, 10.0% on 13 September 2022, and 10.5% on 1 November 2022. For taxpayers, the rate affects the amount of deductible interest on loans provided by entities other than banking and financial institutions, which is limited to the extent the interest rate exceeds twice the key rate of the Central Bank.