The policy rate was reduced by 1 percentage point to 14% per annum. Annual headline inflation was 12.2% in January–February 2023.
Core inflation eased to 13.2% in February from 13.8% in December 2022. The CBU retained its 8.5–9.5% year-end inflation forecast.
The year's first easing step shifted local yields and funding costs, although high nominal and real rates remained material for valuation and refinancing decisions.
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