The analysis of expectations of market participants is a standard analytical approach of central banks, which allows monitoring of market views and opinions, as well as monitoring of the effects of changes in the environment on financial markets and instruments. The National Bank began conducting Market Expectations Survey in April 2015 in order to monitor changes in the expectations about the direction of monetary policy, the financial market trends and the key economic indicators.
A respondent panel consists of direct active financial market participants, within banks, who regularly monitor the country's financial market trends and macroeconomic landscape. The survey is conducted once every month prior to the monthly meetings of the Operational Monetary Policy Committee that discusses monetary policy setup.
In the monetary policy decision-making, the National Bank monitors the performance of key domestic and international macroeconomic and financial indicators, the domestic financial market developments and the trends in the banking system, as well as the projected future developments of basic macroeconomic indicators. Market participants' expectations for future monetary policy guidelines are relevant for this process, as additional information.
May Survey Results
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