At a meeting on April 21, the Board of the Central Bank decided to keep the interest rate unchanged at 17%, the Bank said in a statement.
According to the Central Bank, changes in external economic conditions in March had a positive impact on the domestic foreign exchange market, on inflation and devaluation expectations, and the dynamics of bank deposits.
While, measures aimed at tightening monetary conditions and ensuring stability in the foreign exchange market serve to reduce emerging pressure and balance the foreign exchange and money markets trends from the second half of March.
“The current situation and the economic conditions expected in the coming months show that the impact (effect) of the measures taken has not fully manifested itself and this process is still ongoing. Based on this, the decision was made to keep the current monetary conditions in order to ensure that the monetary policy measures are fully reflected in the economy.