NBH Release March Meeting Minutes

Highlights from the March meeting minutes:

• All Council members argued that it was essential to maintain the current level of the base rate over a prolonged period and to continue to apply an 18 percent interest rate on the overnight deposit instrument.
• Council members agreed that domestic inflation had peaked in January. After January, food price inflation had slowed also in February, indicating a continued decline in inflation.
• Members were unanimous in arguing that in the coming months, inflation would fall slowly at first, and then at an increasing pace.
• The Council shared the view that the events affecting the global banking system in recent weeks had led to strong volatility in emerging markets.