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Central Bank Reduces Key Rate to 7.75%

National Bank of Georgia (NBG) reduced on July 20 refinancing rate at 7.75%, which was kept unchanged at 8% since February.

Georgian state statistics agency said earlier this month, that country’s year-on-year rate of inflation fell from 14.3% in May to 10% in June, helped mainly by a month-on-month fall in food prices.

NBG’s monetary policy committee said in a statement after meeting on July 20, that annual core inflation, excluding food and fuel prices, reduced to 0.3% in June.

“Reduction of consumer price index was anticipated, but the recent dynamic indicates on faster than expected decrease of inflation,” NBG said, adding that it deemed appropriate to start softening monetary policy.

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