The National Bank of Georgia reported that the Committee on Monetary Policy at its meeting decided to reduce the refinancing rate by 25 basis points to 7% from 7.25% per annum. The decision is due to a slowdown in inflation and the growth of the Georgian economy. According to official preliminary data, real GDP of Georgia for the five months of this year was 6.1%. The indicator exceeded expectations due to higher than expected external demand. This allowed the National Bank to increase the forecast for the country's GDP growth this year from 4.8% to 5.5%.
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