“In the context of ongoing global inflation, risks remain associated with rising prices for raw materials and energy resources in foreign markets, the pandemic situation, as well as a slowdown in global economic growth, indicating the possible formation of inflation in the range of 8-9% at the end of the year,” the report reads.

Also in 2022, the GDP is projected to grow by about 5.5-6.5%. At the same time, the fiscal stimulus directed to the economy in 2020-2021 will be one of the main factors supporting economic activity in the first half of 2022.

Current monetary conditions are considered to be in line with macroeconomic forecasts, and in the future, with a lower inflation outlook, there may be an opportunity to lower nominal interest rates while keeping real interest rates unchanged.

“The Central Bank will carefully study inflationary factors arising under the influence of internal and external economic conditions and take appropriate measures to eliminate them,” the press service concluded.