National Bank of Georgia (NBG) kept refinancing rate unchanged at 7.5% on November 24.

NBG’s monetary policy committee said after its meeting on November 24, that it had to tighten monetary policy in recent months amid increasing inflation.

Annual inflation came in at 9.6% in October (9.8% in September), above the central bank's 6% target.

Finance Minister, Kakha Baindurashvili, said on November 12 that the government had to revise upwards 2010 forecasted inflation from 6% to 9% due to external factors mainly related to increased food prices.

NBG increased key rate from 6.5% to 7% in September and then to 7.5% in October. The rate was kept unchanged at 5% since late November 2009 and increased to 6.25% in June and then to 6.5% in July.