Report

Minutes confirm MPC members’ unanimous stance on monetary policy easing

- Below-target CPI inflation in July-Aug and economic growth slowdown during Q1 drove the MPC's decision
- MPC revised upward CPI inflation projection by 0.3pps for Q2 while GDP growth forecast for FY 2019-20 was cut by 0.8pps
- We believe that the MPC will remain cautious in its future monetary policy easing decision as Q3 CPI inflation may increase
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