"At the same time, signals of the negative impact of tight external financial conditions on domestic economic activity are emerging," the bank said in a statement.
The regulator said that its further steps will focus on maintaining the balance between keeping the inflation within the forecasted range, achieving the medium-term target and supporting the economic activity.
During the first two months of this year, the annual inflation rate decreased to 12.2 percent, it said.
The central bank last time cut the key interest rate to 15 percent from the previous 16 percent in July 2022.
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