Monetary Environment Review. Q4-2023

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.