Central Bank leaves refinancing rate unchanged at 14 percent per annum

At its meeting on March 14, 2024, the Central Bank decided to maintain the refinancing rate at the annual level of 14%.

The Central Bank Board decided to leave the refinancing rate unchanged in order to ensure the necessary monetary and credit conditions to reduce inflation to the 5% target, taking into account the remaining uncertainties and inflationary expectations regarding the achievement of the balance of demand and supply in the economy.

The general inflation decreased from the beginning of the year and amounted to 8.3% in February. However, services inflation has accelerated in recent months on the back of higher demand and a number of regulated price and tariff hikes. In addition, the inflationary expectations of the population and entrepreneurs remain almost unchanged and high.

Until the end of 2024, inflation is expected to be within the forecast range of 8-9%. Uncertainties remain regarding regulated price changes and their impact on inflation expectations over the forecast period.

The next meeting of the CB Board to review the refinancing rate is scheduled for April 25, 2024.