• Evidence Based Policy - Macroeconomic Research Center

In the press release of the National Bank about decrease in the  refinancing rate it is among other things claimed that “significant risks for acceleration of increase in prices from monetary factors in the medium term are not traced”. That fact that “the gain of average wide money supply in July, 2017 in annual terms made 7,8%” is given as justification. However, another fact alarms: the growth of other monetary aggregates (M0, M1 and M2 *) in July 2017 in annual terms was 30-35%. I would like to hope that the National Bank takes into account these risks, and does not give in to pressure from the government.

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