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The Monetary Policy Committee (MPC) opted to keep the policy rate at 22 percent during its meeting today.

During the meeting, the MPC noted that significant adjustments in administered energy prices have decelerated the anticipated decline in inflation, hampering sustained decreases in inflation expectations. Nevertheless, non-energy inflation is still moderating as predicted.

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Taking into account the inflation in H1-FY24, the projected decline in H2, and the evolving risks – particularly those stemming from further adjustments in energy prices – the MPC anticipates an average inflation rate within the range of 23 to 25 percent in FY24. The committee aims to achieve the target of 5 to 7 percent by September 2025.

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