National Bank VP: inflation to decrease to “single digits” by end of 2022
In an interview with Rustavi 2 channel on February 23, Georgian Prime Minister Irakli Garibashvili named the global pandemic as the main reason for the local increase in prices, and said the average Georgian inflation rate for the past year had been 9.6 percent. Photo: Nino Alavidze/Agenda.ge.
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Georgia’s annual inflation will come down to “single digits” by the end of 2022, Papuna Lezhava, the Vice President of the National Bank of Georgia, said on Monday.
Lezhava also said the Bank expected a reduction in the inflation to begin next month despite the “tense” geopolitical situation in the wake of Russia’s invasion of Ukraine last month.
Geopolitical events in the region have an impact on Georgia’s economy and banking sector, which have just emerged from the Covid crisis. […] This geopolitical impact on the financial and economic sectors will be smaller than it was during the pandemic,” Lezhava said.
In an interview with Rustavi 2 channel on February 23, Georgian Prime Minister Irakli Garibashvili named the global pandemic as the main reason for the local increase in prices, and said the average Georgian inflation rate for the past year had been 9.6 percent.
The Consumer Price Index in Georgia increased by 0.9 percent in February 2022 month-on-month, while the annual inflation rate totalled 13.7 percent, the latest inflation data of the National Statistics Office of Georgia (Geostat) shows.
Georgian experts forecast the inflation rate in Georgia to begin to “decline significantly” from March to April this year, prime minister of the country said on Wednesday, adding a reduction in inflation had already been observed in the final months of 2021.
The Consumer Price Index in Georgia increased by 1.1 percent in January 2022 compared to the previous month, while the annual inflation rate stood at 13.9 percent, the latest inflation data of the National Statistics Office of Georgia (Geostat) shows.
The total turnover of currency exchange units totalled 6.4 billion GEL ($2.046bln/€1.860bln) in Georgia last year, of which 51.8 percent was in dollars and 14.7 percent in euros, the National Statistics Office of Georgia (Geostat) announced on Tuesday.
The National Bank of Georgia (NBG) has decided to increase the refinancing rate by 0.5 percentage points to 11 percent on Wednesday at its Monetary Policy Committee (MPC).
The Consumer Price Index in Georgia increased by 2.5 percent in March month-on-month, while the annual inflation rate equalled 11.8 percent, the National Statistics Office of Georgia (Geostat) announced on Monday.
The National Bank of Georgia anticipates an average of nine percent inflation in the country this year, Koba Gvenetadze, the head of the Bank, said on Wednesday.