Year and kept it at that level until July. Although from the greece telegram data April meeting we had already begun to signal that the recovery. phase was ending, and accordingly, monetary policy should become tighter to contain inflation risks. At that time, this opinion was not very widely shar. And even when we rais the rate in July. Most commentators said that we rais it more than they expect. And than was necessary to keep inflation at 4%. The events of July-August demonstrat that, on the contrary, a more significant and faster tightening of monetary. policy is requir to prevent the risks of serious overheating of domestic demand. The associat acceleration of inflation and the strengthening of devaluation sentiments.
If we had known in April exactly what trajectory
TYhe growth in demand, the increase in lending over and that the supportive monetary policy aim at a faster return of the economy to potential had already solv this problem. When it became clear that more set up a business website and social mia profiles decisive steps were requir, we took them.
— Do you think that there was a breakdown in communication
with the market — in July, when the rate hike step was not guess, in August, when market participants still did not believe that the rate would be kept high for a long alb directory time, and in September, when a whole range of decisions were prict?
