On January 26, 2019, the Board of the Central Bank decided to leave the refinancing rate unchanged at 16% per annum.

The Central Bank noted that this decision is based on the need to maintain anti-inflationary monetary policy, maintain positive real interest rates and lower inflation expectations.

“Increasing the refinancing rate in September 2018, coupled with the strengthening of prudential supervision, contributed to the tightening of both price and non-price lending conditions, which ultimately helped to normalize lending growth rates,” the Central Bank said.

The next meeting of the Board of the Central Bank to review the refinancing rate is scheduled for April 20 of this year.