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Georgia Lowers Refinancing Rate to 7% After Inflation Slowed

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Nov. 22 (Bloomberg) -- Georgia’s central bank cut its benchmark refinancing rate to 7 percent as inflation slowed.

The rate was lowered from 7.25 percent, the regulator, based in the capital, Tbilisi, said today on its website.

Consumer-price growth slowed for a second month in October, easing to 2.3 percent from a year earlier compared with 4.6 percent in September, the statistics office said this month. It expects the inflation rate to fall through year-end.

Slower price growth, driven mainly by falling food costs and subdued demand-side pressures, are allowing the central bank to loosen monetary policy, the European Bank for Reconstruction and Development said in a Nov. 15 report.

To contact the reporter on this story: Helena Bedwell in Tbilisi at hbedwell@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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