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12 / 05 / 10

In the May 11, 2010 meeting the Board of CBA decided to raise the Refinancing Rate of CBA by 0.25 pp to 7.25 percent.

 Inflation in April of 2010 was 1.3 percent, while the 12-month inflation has dropped by 2.0 pp against the previous month’s indicator, making up 6.8 percent.

 The Board stated that, given gradual tightening of monetary conditions since the beginning of the year, the 12-month inflation rates are continuously slowing down. At the same time, in view of positive developments in global economy, rebounding aggregate demand and risen public utility fees since April of 2010, the inflationary environment is expected to persist in the forecasted time horizon, even though the 12-month inflation rates will keep on declining.

 The Board estimates that, under such macroeconomic prospects, monetary conditions need to be further tightened at somewhat slower pace in order to create and maintain real positive interest rates for the whole forecasted period of time.

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