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Central Bank Cuts Key Rate to 5.75%

National Bank of Georgia (NBG) reduced its main policy rate by 25 basis points to 5.75% on June 20, following a fourth consecutive month of annual deflation in May.

Georgian’s inflation slipped to -3.3% year-on-year and to -0.9 on monthly basis in May.

NBG’s monetary policy committee said in a statement, that annual inflation rate would start “moderate increase” from this month, but would still remain below government’s target level during this year, as well as during the beginning of next year. The government’s forecasted inflation rate for 2012 is set at 6%.

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