The Central Bank is continuing its purposeful measures to preserve price stability according to declared directions of its performance. Prices for food products have been rising in the world commodity markets in recent months. Upward trends of inflation in the world economy are strenghtening. Significant increase in foreign exchange income of the country, expansion of growth sources of money supply resulting from large surplus in the balance of payments, as well as endurance of economic growth in non-oil sector stipulate rise in demand in commodities and services markets.
Under the circumstances, strenghtening of control over inflation factors and their preventive regulation become more actual.
In the view of the above, the Management Board of the Central Bank took a decision to shift the refinancing rate from 3 percent to 5 percent from 1 March 2011. This decision is, at the same time, aimed at increase of capabilities of the Central Bank to sterilize excessive money suply through maintaining relevant environment in the financial markets.
In order to regulate growth rates of the money supply a decision is taken to increase required reserve norm on banks’ domestic and external liabilities from 0.5 percent to 2 percent.