The bank emphasized that “the effects of slowing foreign demand on aggregate demand conditions and production are closely monitored.”

“It is critically important that financial conditions remain supportive for the sustainability of structural gains in supply and investment capacity by preserving the growth momentum in industrial production and the positive trend in employment in a period of increasing uncertainties regarding global growth as well as a further escalation of geopolitical risks,” the bank said.

“Accordingly, the Committee has decided to keep the policy rate unchanged,” it added.

Last month, the bank decided to keep the policy rate (one-week repo auction rate) constant at 9 percent. (ILKHA)