At the same time, the micro structure of foreign exchange market shows improvement as indicated by the increase in the volume of interbank transactions and a more healthy price discovery in the forex market. A lower off-shore non-deliverable forward rate (NDF) compared to the spot rate indicates a more liquid market [GRAPH 6]. Graph 6 Foreign exchange market  19.
The high level of inflation following the hike of subsidized fuel prices has returned to its historical pattern [GRAPH 7]. This development suggests that the second round impacts of the hike of subsidized fuel prices were restrained. Although the administered and volatile food prices have significantly increased, core inflation remains below 5,0%.