Georgia central bank orders 100bp rate increase

Worsening inflation pushes central bank to raise policy rate to 9.5%

National Bank of Georgia
National Bank of Georgia
Photo: NBG

The National Bank of Georgia increased its policy rate by 100 basis points, to 9.5%, on April 28. This is the second consecutive increase by the central bank, following a 50bp hike at its March 17 meeting.

The NBG cited high inflation in explaining its decision. The central bank said inflation was 7.2% in March 2021, well above the 3% target. he March figure was a sizable increase over the February rate of 3.6%.

The NBG’s release noted the end of a subsidy for utility prices, which had reduced

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