Additionally, the Bretton Woods institution said easing would risk shifting the monetary policy stance from neutral to accommodative, which would not be warranted. In March 2026, the BoG’s monetary policy committee (MPC) decreased its policy rate by 400 basis points to 14%, bringing cumulative cuts to 1,400 basis points since July 2025. The MPC kept the policy rate unchanged in May 2026. With inflation projected to return to the BoG’s 8±2% target by end-2026 and the estimated real neutral rate around 5.0%, the ex-ante real policy rate is broadly consistent with a neutral policy stance. Meanwhile, the IMF says the BoG is reforming its monetary policy operations.