The National Bank of Georgia kept its key policy rate unchanged at 7.5% on September 14.

The rate, which was kept unchanged at 8% since February, was reduced by the central bank to 7.75% in July and then to 7.5 in August.

“Recently the growth in economic activity has been stable,” the central bank’s monetary policy committee (MPC) said in a statement. “The decrease of the interest rates, decided on by the MPC at previous meetings has not yet been fully transmitted to economic activity. Accordingly, at this stage the committee decided to keep the policy rate unchanged.”

According to the Georgian state statistics agency, Geostat, year-on-year rate of inflation fell from 8.5% in July to 7.2% in August with food, fuel and transport prices remaining key drivers of inflation.