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109 554,581 Other equity 8,559 8,553 8,517 8,485 8,575 8,587 8,579 8,570 Loans, currency and deposits

has already ordered to raise the limits for irrevocable certificates to Р2.8 million. We propose raising the limit for deposits for over three years

and for irrevocable savings certificates for more than three years — to Р2.8 million from today’s Р1.4 million. Besides, the rates of insurance

completed and inflation started to soar, we raised the key rate by 8.5 percentage points. As we discussed, there had been a lot of

on the contrary, sped up significantly. Core inflation went up from 6.8% (SAAR) in January to 7.7% (SAAR) in February, which was due

INFLATION RISKS ........................................................................................................................................................................................................................................................................................................................................................................................... 7 CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION ................................................................................................................................................................................................................................................................................................................................ 8 Summary of the Key Rate Discussion 2 ECONOMIC SITUATION AND INFLATION MAIN