National Bank of Georgia (NBG) said on August 18, that it had kept its benchmark rate unchanged at 6.5%.

The central bank has increased refinancing rate, which was kept unchanged at 5% since late November 2009, to 6.25% in June and then to 6.5% in July.

NBG said in a statement after a meeting of its monetary policy committee on August 18, that annual inflation was 7% in July.

After a previous meeting of the committee on July 21, NBG said, that inflation was expected to stay within the 6% range in the medium term, "although minor upward risks do exist."

NBG said on August 18, that the increase of inflation was "temporary" and it would return back within targeted range "in following months."