Georgia's National Bank increases refinancing rate once again

Georgia's National Bank increases refinancing rate once again

Georgia's National Bank has increased the refinancing rate by one percentage point to 8.5% today at the meeting of the Monetary Policy Committee.

In September 2019 the annual rate of inflation amounted to 6.4%, which is more than the inflation target of 3%, set by the National Bank of Georgia for 2019-2021.

The depreciation of the exchange rate has boosted inflationary expectations, the NBG said on September 4, 2019. Therefore, they increased the refinancing rate at the time by 0.5 percentage to 7%, noting that it would continue to do so until the pressure of the exchange rate on inflation had decreased.

On September 25, the refinancing rate was increased by 0.5 percentage points to 7.5%.

The next meeting of the NBG’s Monetary Policy Committee is scheduled for December 11, 2019, Agenda.ge reported.

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