The Bank also cut rates 25 basis points at its October meeting and another 25 basis points at its August meeting; previously the Georgian central bank also cut the interest rate by 25bps to 7.75% in Jun, after holding steady in May (the bank last increased the rate by 50 basis points in February this year). Georgia reported annual consumer price inflation of 2.3% in October, down markedly from 4.6% in September, 7.2% in August, 8.5% in July, and 13.5% in April, and below the Bank's inflation target of 6.0%.
According IMF statistics, Georgia saw average annual inflation of 4.95% in 2010, with the full year figure at 5.04%, while the Georgian economy grew just 2%. Georgia's currency, the Georgian Lari (GEL), last traded around 1.65 against the US Dollar, and 2.23 against the Euro. Georgia's central bank next meets on the 21st of December.