The central bank raised the overnight deposit rate to 9.25 percent from 8.25 percent and the overnight lending rate to 10.25 percent from 9.25 percent, it said in a statement.
The rate hike comes as a surprise to analysts. All five economists surveyed by Reuters in a poll conducted this week said they expected the central bank to keep rates on hold in their meeting on Thursday.
"The central bank's main mandate is price stability, so
probably they went after that," said
Inflation, which has been gradually declining after reaching a four-year peak of 13 percent in November, is expected to rise next month after the subsidy cuts caused fuel prices to surge.
Annual urban consumer inflation was steady at 8.2 percent in
June but is expected to go into double digits over the coming
months due to the fuel price hike, analysts have said.
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