The Central Bank's management decided at its meeting on October 31, 2024, to keep the key rate at an annual level of 13.5 percent adopted.
According to bank data, inflation amounted to 10.5% in September.
It is noted that the inflation expectations of the population and businesses, as well as the difference between the current and forecasted levels of inflation, remain high. According to the results of a survey conducted in September, inflation expectations of the population were 13.3 percent, while the expectations of businesses were 12.6 percent.
Due to relatively strict monetary and credit conditions in the last quarter of the current year, a certain decrease in inflationary processes is expected, and the overall inflation is expected to shape around 9.5 percent by the end of the year.
High growth rates of cross-border money transfers compared to last year are contributing to the increase in people's incomes. The average wage and real incomes growth in the economy supports consumer activity. In particular, high growth rates in the services and retail sectors are explained by the formation of strong consumer demand.
The next meeting of the Central Bank's management to review the key rate is scheduled for December 12, 2024.
