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discussion. CONTENTS ECONOMIC SITUATION AND INFLATION ............................................................................................................................................................................................................................................................ 2 MONETARY CONDITIONS ................................................................................................................................................................................................................................................................................................................................................................................. 6 EXTERNAL ENVIRONMENT ................................................................................................................................................................................................................................................................................................................................................................. 8 INFLATION RISKS ................................................................................................................................................................................................................................................................................................................................................................................................................................................. 9 CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION

rate will average 13.5–14.5% per annum in 2026 and 8.0–9.0% per annum in 2027. As the effects of one-off

from a wide range of industries. This figure was up by 11.8% as of the end of the year. The forecast for 2026 remains

year’s level, that is, within the range of Р3.3–3.8 trillion. Certain banks and analysts are more optimistic in their forecasts, anticipating

36.8 41.2 44.4 -9.8 -8.6 -7.2 10.8 11.1 11.4 Construction -3.9 0.8 -8.3