The central bank cited stable inflation expectations and slowing consumer price growth as key factors influencing the decision. This move surprised analysts, who had forecast the rate to remain unchanged at 6% in a survey conducted earlier this month.

Despite the rate cut, the central bank described its policy stance as neutral. It forecasts inflation will continue to slow in the coming months before converging toward its 3.5% target by the end of 2026.

"The Central Bank reaffirms its commitment to price stability and will continue to closely monitor domestic and external developments to anticipate their potential impact on the inflation trajectory," the bank said after the decision.

The central bank maintained its economic growth forecasts at 6% for 2025 and 4.2% for 2026.