On 16 June 2020, the Central Bank of Armenia decided to reduce the key refinancing interest rate from 5.0% to 4.5%. This follows a cut in the rate from 5.25% to 5.0% on 28 April 2020. 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.