Georgia’s central bank cut its key refinancing rate by 25 basis points to 6.75% on July 27. The central bank said that annual inflation in June slowed more than expected to 1.1%, far below of 2016’s target level of 5%. It also said that the annual inflation will remain low in “following quarters” and expected to reach the target level by the end of 2017; next year’s inflation target is set at 4%. NBG started tightening of monetary policy from February 2015 with the key rate gradually increasing in a course of last year from 4% in the beginning of 2015 to 8% by the end of last year. The key rate was remaining unchanged at 8% in the first three months of this year before cutting it to 7.5% in April. Central bank’s monetary policy committee will hold its next meeting on September 7. |
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