Armenia and Georgia raise policy rates

Caucasus states follow Russia in anti-inflationary moves

The Central Bank of Armenia
Photo: Serouj/Wikimedia

The Armenian and Georgian central banks raised their policy rates in the first week of August as higher prices abroad added to concerns over inflation.

The Central Bank of Armenia’s board increased the local refinancing rate by 50 basis points to 7% on August 3. On August 4, the National Bank of Georgia’s monetary policy committee raised its policy rate by 50bp to 10%, its highest level since 2008.

Both countries raised policy rates earlier this year. The NBG lifted rates from 8% to 8.5% in

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