Monetary conditions will become less stimulating in 2024, but the National Bank cannot explain what degree of their strictness corresponds to ensuring macroeconomic stability.
Monetary conditions remained loose in Q4-2023 mainly due to low interest rates in the credit and deposit market. The foreign exchange rate is no longer a restraining factor for inflation, which accelerated noticeably at the end of last year amid an overheated economy and a tense situation in the labor market.
Monetary Environment Review. Q4-2023
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