Following the discussion of the Summer 2023 Monetary Policy Report, the Bank Board kept interest rates unchanged. The baseline scenario of the summer forecast implies a decline in market interest rates over the entire outlook. Inflation will continue to fall and this downward trend will halt only temporarily in the autumn due to the statistical effect of last year’s energy savings tariff. After it fades out, inflation will fall sharply to close to the 2% inflation target at the start of next year. Domestic economic activity will be broadly flat this year and return to appreciable growth next year.
This Monetary Policy Report was approved by the CNB Bank Board on 10 August 2023 and (with some exceptions) contains the information available as of 21 July 2023.
Monetary Policy Report
- Monetary Policy Report – Summer 2023 (pdf, 2.4 MB)
- Box 1 – Reasons for households’ current increased propensity to save
- Box 2 – Refixation and refinancing of mortgages and their effects on household expenditure
- Box 3 – How client interest rates on loans and deposits have changed over the last two years
Chartbook and underlying data
- Chartbook – Summer 2023 (pdf, 2.9 MB)
- Table of key macroeconomic indicators – Summer 2023 (xlsx 71 kB)
- Underlying data – Monetary Policy Report (xlsx, 224 kB)
- Underlying data – Chartbook (xlsx, 557 kB)
- Underlying data – Boxes (xlsx, 702 kB)
- Database of time series related to the Monetary Policy Report in ARAD
Presentation for analysts