Georgian central bank increases refinancing rate to 8.50%
The decision was made at a meeting of the Monetary Policy Committee today. Photo: Nino Alavidze/Agenda.ge.
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The National Bank of Georgia (NBG) has decided to increase the refinancing rate by 0.5 percentage points to 8.5%.
The decision was made at a meeting of the Monetary Policy Committee today.
Last month annual inflation stood at 3.6%; the NBG says that the reduction of inflation since last December is related to the subsidisation of utility fees.
The end of the subsidy from March 2021 will correspondingly be reflected in inflation rate. The base effect of this subsidy will have an upward impact on the inflation rate in December 2021 and January-February 2022. According to the current forecast inflation will on average remain around 4-4.5% in 2021 and then gradually approach the target", says the NBG.
The NBG explains that when deciding to increase the refinancing rat, the monetary policy committee also took into account increased prices on international commodity markets. At the same time, on the back of reduced output due to the pandemic, the NBG says that the average production costs are higher, being another source for the upward pressure on inflation.
The committee also took into account the depreciated exchange rate and the high dollarisation of the economy which are other factors pushing inflation upwards.
The National Bank of Georgia (NBG) is keeping the refinancing rate at 9 per cent. The decision was made at a meeting of the Monetary Policy Committee today.
The money supply of the Georgian economy was up 16% in September 2020, the monthly review of the National Bank of Georgia (NBG) released today reports. The M2 aggregate reached 13.7 billion GEL last month.
The National Bank of Georgia has decided to keep the refinancing rate unchanged at eight per cent.
The National Bank of Georgia (NBG) has relaxed the monetary policy and cut the refinancing rate by 0.25 percentage points to 8 per cent, announces the NBG.
The National Bank of Georgia (NBG) has increased the refinancing rate by one percentage point to 9.50% as a result of which loans for about 125,000 borrowers will increase by one per cent, says the non-government organisation Society and Banks.
The Georgian central bank is leaving the refinancing rate unchanged at 9.5% following a meeting of the monetary policy committee, whose decisions on changes to the monetary policy rate rely on current and expected developments in the economy and financial markets.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 10 per cent earlier today at the Monetary Policy Committee (MPC). Georgia’s annual inflation came out unexpectedly high in comparison with last year and amounted to 11.9 per cent in July, the NBG stated.
The Georgian central bank is leaving the refinancing rate unchanged at 10% following a meeting of the monetary policy committee, whose decisions on changes to the monetary policy rate rely on current and expected developments in the economy and financial markets.