Georgia's central bank continued to ease monetary policy by cutting the key refinancing rate by 50 basis points (bp) to 7%, the National Bank of Georgia (NBG) said on June 15.
The regulator began reversing a year-long monetary tightening in April, when it delivered a similar rate cut. Amidst a quickly depreciating currency in 2015, NBG intervened several times to gradually increase the rate from 4% in February 2015 to 8% in December.
However, the Georgian lari began appreciating in March, and NBG has said that it would gradually reduce the rate to a more neutral level of 5% to 6% in the coming months. The bank said further cuts will depend on the development of inflation.
Annual consumer price inflation in the country eased to a one-year low of 2.1% in May. NBG's monetary committee will meet again in July.
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