Monetary policy stance remains tight to anchor inflation expectations due to the sustained inflationary pressures.
The Central Bank Rate (CBR) was retained at 10.5 percent in August and October 2023 given that the impact of the tightening of monetary policy in June 2023 was still transmitting in the economy and core inflation is expected to decline, indicative of easing underlying inflationary pressures.
Reflecting the tight monetary policy stance and liquidity conditions in the money market, the short-term interest rates increased in the year to September 2023.
