Thursday, May 26, 2011

Georgia Central Bank Holds Refinancing Rate at 8.00%

The National Bank of Georgia held its benchmark refinancing interest rate unchanged at 8.00% and made no other changes to monetary policy.  Georgia reported annual consumer price inflation of 13.5% in April, above the Bank's inflation target of 6.0%, but slightly lower than 13.9% in March.  The Bank last raised interest rates by 50bps in February.  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%.


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