CBA board decided to keep unchanged the refinancing rate of 6.0%. 1.0% inflation was recorded in April, compared with a 0.3% fall in the same month of the previous year, which was mainly due to the formation of higher levels of commodity prices. In this case, an increase in 12-month inflation, has entered the domain of positive and amounted to 1.2% at the end of April, exceeding the central bank forecasts. The Board estimates that the inflation will continue to recover, sustainable over the target.
The global economic growth outlook is improving, and are protected by inflationary developments in international commodity markets. However, CB expects only moderate inflationary effects from the external sector in upcoming months.
The Board notes that in the first quarter of 2017 the high economic activity was observed, which is mainly due to the registered high growth in industry, services and trade sectors. At the same time, stimulating monetary policy of recent years continues to contribute to the recovery of domestic demand. As a result, it is expected that inflation in 2017 will be the band around the target and stabilize the forecast horizon. At the same time inflationary risks are largely balanced at this point, which the Board considers it appropriate to keep monetary conditions.
However, in case of the deviation of the recovery trajectory of inflation, Central Bank will adequately specify the directions of monetary policy, ensuring the implementation of the inflation target in the medium term.
Lombard REPO rates and bank funds will be 7.5% and 4.5% respectively.

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