National Bank of Georgia raised rate to 10.5%

The Central Bank regular meeting has ended in Georgia. As a result, a decision to increase the rate by 0.5 percentage points to 10.5% was made. The main reason for this decision was the high inflation rate due to the rise in prices on the international goods and raw materials markets. According to the statistics department of Georgia, consumer prices rose by 12.5% in November. This is slightly below October inflation. However, the price growth rate remains high. The Georgia Finance Ministry raised the forecast for the growth of the country’s gross domestic product by the end of this year by 0.5 percentage points to 10%. The improved economic growth forecast was made possible by strong statistics. The Georgian economy showed an increase of 10.5% for 10 months of the current year and by the end of October – by 6.9%. The Georgia Finance Ministry expects growth rate of the GDP may reach 6% in 2022. Over the next three years, the Georgian economy will grow by 5.5% annually.

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Arseny Kudrin

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