Growth in recent years has become more broad-based. On the demand side, private consumption remained robust in the first quarter of 2019, as in the previous quarters through the years. This is further supported by rising contribution from investments from 2010 up to present.
Based on this realisation and with a view to assess the impact of past actions, we decided on a pause in the April and June 5  2023 meetings, but clarified unequivocally that this not a pivot – not a definitive change in policy direction.