Georgian Central Bank Keeps Key Rate at 8%
On September 16, the National Bank of Georgia (NBG) kept the key refinancing rate at 8%.
The Monetary Policy Committee of NBG decided to keep the discount rate, since the price dynamics have remained within forecasts and the inflation rate has continued to decline, reaching 4.8% in August.
The National Bank of Georgia stated that inflation, pressured downward by weak aggregate demand, is expected to fall below the target level in the first half of 2021.
According to the NBG, the weak aggregate demand is driven mostly by external factors, since in August, according to preliminary data, revenues from international travelers declined by 96% annually, while exports and imports fell by 7% and 19% respectively.
The NBG pledged to “use all available tools to ensure price stability.”
The Monetary Policy Committee convenes again on October 28.
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