The National Bank of Georgia announced the decision taken at the March meeting to lower the refinancing rate to 6.5% from 6.75% per annum. This year, the National Bank of Georgia has reduced the rate already 2 times. The regulator said that in February, inflation in the country was at the level of 2.3%. According to its estimates, in the medium term we should expect that inflation will be close to the target level of 3%. The decision to lower rates was also made due to low macroeconomic risks and continuing positive trends in external demand. The Central Bank notes that in the first months of 2019, the growth of exports of goods showed high rates. This year, the current account deficit of Georgia’s balance of payments has improved and business lending has intensified.
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