National Bank of Georgia (NBG) kept refinancing rate unchanged for second consecutive month at 7.5% on December 22.

NBG’s monetary policy committee said after meeting, that as part of continued tightening of monetary policy it would gradually increase the reserve requirements for foreign exchange liabilities up to 15%, initially increasing the ratio to 10% by January 20. ‘The increase in the reserve requirements does not apply to capital and equated long-term assets,” NBG said.

Annual inflation hit 10.5% in November. NBG said that share of food in total CPI was around 9.1 percentage point and annual price increase for services was 0.6%. NBG said it indicated on low demand-side inflationary pressures.