The policy rate was kept at 14% per annum. The central bank maintained a relatively tight stance to limit second-round effects from energy-tariff changes.
Household inflation expectations were 14.0% in May, while business expectations eased to 12.7%. The central bank said tariff effects on expectations were developing below its initial estimates. The medium-term inflation target remained 5%.
The decision clarifies the monetary response to utility prices and preserves a high benchmark for local-currency funding, real rates and bank margins.
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