Georgia's National Bank keeps refinancing rate unchanged

 Georgia's National Bank keeps refinancing rate unchanged

The National Bank of Georgia will keep its monetary policy rate unchanged at 6.5%.

During the next two quarters NBG will decrease the monetary policy rate to six percent, announced the Bank in a statement.

NBG explained any future decisions regarding the monetary policy would be based on the country’s macroeconomic and inflation forecast, Agenda.ge reports.

Following advice from the Monetary Policy Committee on July 27, NBG decreased its refinancing rate by 25 basis points to 6.75%.

In September NBG decreased its refinancing rate again by 25 basis points. With this change the Bank’s refinancing rate stood at 6.5%.

The next meeting of the Monetary Policy Committee will be held on December 14, 2016.

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