Georgia's central bank leaves refinancing rate unchanged

Georgia's central bank leaves refinancing rate unchanged

The Georgian National Bank leaved the refinancing rate unchanged at 7%.

"In June, the annual inflation rate has increased, reaching 7.1 percent," the statement said, adding that the increase is temporary and that it will experience decline in the second half of 2017.

"Therefore, there is no need for further tightening of monetary policy," the bank said in the statement.

"The National Bank of Georgia will monitor the developments in the economy and financial markets and will use all available instruments at its disposal to ensure the price stability," the bank added.

On May 2, 2017, the key rate was set at 7% and maintained until now. 

The next meeting of the committee is scheduled for September 6.

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