The Monetary Policy Committee of the National Bank of Georgia (NBG) decided at its special meeting on September 25 to raise its key refinancing rate by 0.5 percentage points to 7.5%.
Following today’s session the NBG said that “the nominal effective exchange rate of the GEL has remained undervalued and inflationary expectations persist.” Therefore, the committee decided to raise its key refinancing rate.
“The NBG will continue to monitor the developments in the economy and financial markets and will use all means and instruments at its disposal to ensure the price stability,” the bank said in its statement.
The Monetary Policy Committee will hold its next meeting on October 23, 2019.
- 01/08/2019 – National Bank Intervention Gives Struggling GEL a Bump against USD
- 30/05/2019 – Georgian Lari Slides to All-Time Low Against US Dollar
- 01/05/2019 – Central Bank Keeps Key Rate at 6.5%
- 31/01/2019 – Central Bank Reduces Key Rate to 6.75%