In a statement issued after the meeting, the Committee acknowledged a notable decline in the underlying trend of monthly inflation in June. However, it noted that inflation may rise temporarily in July due to adjustments in administered prices, taxes, and supply-side factors affecting unprocessed food prices. Despite these expected short-term increases, the rise in underlying inflation is anticipated to be limited.
The statement highlighted that domestic demand remains inflationary but is slowing down. Persistent high levels of services inflation, inflation expectations, geopolitical risks, and food prices continue to exert inflationary pressures. The Committee is closely monitoring inflation expectations and pricing behavior to ensure alignment with projections.
The Committee emphasized that it is closely observing the impact of monetary tightening on credit conditions and domestic demand. Given the lagged effects of previous tightening measures, the decision was made to keep the policy rate unchanged. The Committee reiterated its commitment to maintaining a tight monetary stance until there is a significant and sustained decline in inflation and inflation expectations align with the forecast range. Future policy adjustments will be considered if a significant and persistent worsening of inflation occurs.
Additional measures have been implemented for foreign exchange (FX) loans to support macro-financial stability and the monetary transmission mechanism. The Committee will also take further macroprudential measures if unexpected developments arise in credit and deposit markets. Liquidity conditions will be monitored closely, and sterilization will be effectively managed with an enriched toolset as needed.
The Committee plans to maintain its tight monetary policy stance to achieve the 5 percent inflation target in the medium term. It will continue to monitor inflation indicators and the underlying inflation trend, using all available tools to ensure price stability. The Committee emphasized its commitment to making decisions in a predictable, data-driven, and transparent manner.
A summary of the Monetary Policy Committee meeting will be released within five working days. (ILKHA)
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