The policy rate was held at 14% per annum. Headline inflation eased to 8.7% year on year in May as the initial base effect from the prior energy-tariff increase faded.
Core inflation accelerated to 8.5%, driven by services inflation. Household and business inflation expectations remained above headline inflation. The Central Bank retained its 5% medium-term target and warned that restrictiveness could be reconsidered if demand or price pressure exceeded expectations.
The hold sustained restrictive real-rate conditions, shaping credit growth, deposit competition, fixed-income pricing and corporate refinancing; any policy reconsideration remained conditional rather than an announced increase.
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