At today's session, the CB Board has decided to keep its refinancing rate unchanged at 6%.

According to the CB Public Relations Service, 2.0% inflation was recorded in November against 1.0% in the same month of the previous year, when the 12-month inflation rate increased by 2.2% as of the end of the month. It is expected that at the end of the year, as expected, the 12-month inflation will be found at the lower limit of the tolerable range.

The actual developments in the external sector were largely consistent with CB's predictions, that is, the growth of global economy and inflation trends in international commodity markets continued. In this case, the CB Board continues to anticipate certain inflationary effects parallel to external demand expansion.

The Board has recorded that in the January-September period, the economic growth was expected to rise compared to the same period last year. At the same time, the index of economic activity in January-November considerably exceeded expectations, which was conditioned by high growth observed in services and industry. Domestic private demand is also expected to be higher than expected, with continued expansion of monetary policy and low inflation environment. Domestic demand continues to increase in trade and import growth, as well as in behavioral and inflation expectations.

"The CB Board considers it appropriate to retain the current level of the monetary-crediting conditions, taking into account the need to maintain the demand for sustained recovery and the over-estimation of the impact of changes in excise rates and customs tariffs on inflation expectations. At the same time, the Board believes that under the predictive developments, the gradual neutralization of monetary stimulus conditions will be necessary in the near future to achieve inflation target in the mid-term.

The Board also assesses that the risks of the upward deviation from the current quarter inflation program are increasing and confirm its willingness to clarify the monetary policy conditions in case of their manifestation, ensuring the stability of the prices in the mid-term, "the CB said.

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