It cited expectations of continued weakening of domestic demand due to the monetary policy this year as the reason behind the decision.

The central bank kept its policy rate on hold for four consecutive meetings.

While presenting the quarterly report, he said the country has entered a period of disinflation, domestic media outlets reported.

The annual inflation rate slowed to below 62 per cent in July this year—a sharp drop compared to the June figure and the lowest registered since October 2023.

In the first three months this year, the annual contribution of domestic demand to economic activity declined, albeit still remaining high, he noted. During this period, net exports contributed positively to growth on an annual basis, for the first time since the third quarter of 2022.

Monthly price growth, the preferred gauge of the central bank , rose to 3.23 per cent in July. In June, monthly inflation was 1.64 per cent.

Fibre2Fashion News Desk (DS)