Our decision on further tightening of monetary conditions was based on stepped‐up cost‐push pressures in the international and domestic environment, which intensified additionally with the outbreak of the conflict in Ukraine, as well as the need to influence inflation expectations of market players and limit the second‐round effects on the prices of other products and services.
Even if we take just the past decade, real GDP has grown by a cumulative 40 per cent and nominal GDP has grown by 90 per cent. Financial markets have exhibited even faster growth over this period.