Central Bank Holds the Policy Rate at 14%

The policy rate was maintained at 14% per annum. Headline inflation stood at 8.8% year on year.

At the 25 January meeting, the policy rate was maintained at 14% per annum. Headline inflation stood at 8.8% year on year.

The 2024 headline-inflation forecast was 8–9%, with core inflation projected at 7–8%. Real GDP growth for 2024 was projected at 5.5–6.0%.

The decision set the opening benchmark for funding costs, local-currency yields and discount rates used by banks, borrowers and investors in 2024.

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