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Monetary conditions (October 2022)

The dynamics of Monetary Conditions Index (RMCI) signal a change in the parameters of monetary conditions in the domestic economy. In October, monetary conditions became tougher compared to the previous 3 months and the Index value corresponds to the transition from stimulating to neutral monetary conditions.

The components of the Monetary Conditions Index have a multidirectional effect on inflationary processes and economic prospects. Thus, the interest rate component has a stimulating effect on business activity growth, and on the contrary, the exchange rate component causes harsh conditions that restrain aggregate demand and slow economic growth and inflation.

According to October data, interest rates were not high enough to limit consumer and investment plans of economic units. And as a result, the stimulating pressure on economic growth and inflation has increased relative to the previous period in terms of the real interest rate.

Aizhan Alibekova

Senior Analyst

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