I think interest rates should remain constant because they are already high enough. There has been an improvement of approximately 50 billion USD in the CBRT's foreign exchange position since the last interest rate decision.

Swap positions decreased from -70 to -20. This situation shows that there is a rapid dollarization process. Interest rate cuts will probably come after a few periods, but it would be better for interest rates to remain constant for today.

At the last meeting, the CBRT was forced to increase the interest rate and since then there has been an improvement of approximately 50 billion USD in the foreign exchange position. The rate of dollarization is very high and the interest to be paid seems to be quite high. For this reason, I think interest rates will decrease soon, but not at this meeting.