Central Bank Holds at 14% as Deposit Growth Accelerates

The policy rate remained 14% per annum. August headline inflation was 9.0% and core inflation 10.7%.

The policy rate remained 14% per annum. August headline inflation was 9.0% and core inflation 10.7%. Household and business inflation expectations were 14.2% and 14.4%, respectively.

Cash receipts increased 30.4% in January–August, including 27.7% growth from trade and paid services. Term deposits grew 48.3%, including 53.5% growth in household term deposits.

Strong deposit mobilisation improved bank funding depth, while elevated expectations supported a continued high-rate environment for debt pricing.

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