The bank is determined to bring annual inflation back to its 4% target in 2024 and sees inflation ending this year at 4.5%-6.5%. Inflation spiked to double-digits in 2022.
The bank gradually reversed an emergency rate hike to 20% soon after Russia sent troops to Ukraine in February 2022, but has held its key rate at 7.5% since September. Its next meeting is due on June 9.
