The CBRT Monetary Policy Committee left the policy rate unchanged at 46% at its June meeting. Economists had expected the policy rate to be held steady.
The overnight lending rate was kept at 49%, while the borrowing rate was held at 44.5%.
The Committee's statement regarding the decision included the following:
“The underlying trend of inflation declined in May. Leading indicators suggest that the decline in the trend continued in June. Data for the second quarter show that domestic demand has slowed. The potential effects of geopolitical developments and increasing protectionism in global trade on the disinflation process are being closely monitored. Inflation expectations and pricing behavior continue to pose risks to the disinflation process.”
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