Georgian National Bank increases refinancing rate again
The National Bank of Georgia has increased the refinancing rate by 0.5 percentage points to 7.5% - for the second time this September.
The regulator explains that the reasons behind such decision are inflation expectations as a result of the depreciation of the national currency – lari.
"The nominal effective exchange rate of the GEL remained unchanged after the last meeting of the committee, with inflation expectations still in place. Therefore, at today's extraordinary meeting, the Monetary Policy Committee decided to increase the refinancing rate by 0.5 percentage points," Georgia Today cited the statement as saying.
On September 4, the NBG has already increased the refinancing rate by 0.5% points, from 6.5 to 7%.
The next sitting of the Monetary Policy Committee is scheduled for October 23, 2019.