Central Bank Holds at 14% and Revises the Inflation Forecast Higher

The policy rate remained 14% per annum. March headline inflation was 8.0%, while core inflation was 7.6% year on year.

At the 25 April meeting, the policy rate remained 14% per annum. March headline inflation was 8.0%, while core inflation was 7.6% year on year.

The 2024 headline-inflation forecast was raised to a 9–11% range after regulated-price changes. The 2024 GDP-growth forecast was revised to 5.2–5.7%. First-quarter real GDP growth was preliminarily estimated at 6.2%.

The decision reflects a repricing of inflation risk after tariff reform and updates key assumptions for funding costs, valuation models and corporate budgets.

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