FOREX TradingCharts.com

Financial News: Georgia Central Bank Leaves Policy Rate Unchanged

Georgia Central Bank Leaves Policy Rate Unchanged

10/26/2022 - 10:40:00 (RTTNews)

(RTTNews) - Georgia's central bank maintained its benchmark interest rate at its October meeting, citing a decline in inflation from its peak yet the rate of inflation remaining high.

The National Bank of Georgia's Monetary Policy Committee made the decision on Wednesday to maintain the policy rate at 11 percent.

The previous change in the rate was a 50 basis points hike in March.

In line with the appreciated exchange rate, the global trends will gradually be transmitted to the local market, reducing inflation, the bank said.

Inflation in Georgia has retreated from its peak, however it still remains at a high level, at 11.5 percent in September.

The central bank forecast inflation to remain high until the end of the year, then gradually decline and approach its target level by the end of the year.

Economic activity in Georgia is still strong, as the Russia-Ukraine war and the accompanying sanctions imposed on Russia have significantly increased migration flows into Georgia, boosting demand, the bank observed.

Therefore, the bank's economic growth forecast for this year has been upgraded to 10 percent, hinting that the average annual level of economic activity is expected to exceed its potential level.

Taking into account the existing inflationary risks, tight monetary policy will be maintained and its normalization will gradually begin only after a clear trend of decreasing inflation will be observed, the bank said in a statement.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Employment Jumps By 263,00 Jobs In November, More Than Expected (56 min(s), 41 sec(s) ago)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story»

Slovakia Q3 Jobless Rate Falls Slightly (01 hr(s), 29 min(s), 41 sec(s) ago)
(RTTNews) - Slovakia's unemployment rate decreased marginally in the third quarter, figures fr ...Full Story»

U.S. Employment Jumps More Than Expected In November (02 hr(s), 0 min(s),41 sec(s) ago)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story»

Eurocoin Indicator Falls In November (02 hr(s), 02 min(s), 41 sec(s) ago)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in Novemb ...Full Story»

Brazil Industrial Production Rises Unexpectedly (02 hr(s), 30 min(s), 41 sec(s) ago)
(RTTNews) - Brazil's industrial production expanded unexpectedly in October, after falling in ...Full Story»

Eurozone Producer Price Inflation Slows In October (02 hr(s), 57 min(s), 41 sec(s) ago)
(RTTNews) - Eurozone producer price inflation slowed for the second consecutive month in October r ...Full Story»

German Exports Fall Further Raising Risk Of Recession (03 hr(s), 14 min(s), 41 sec(s) ago)
(RTTNews) - Germany's exports declined for the second month in a row, as the global demand con ...Full Story»

Ireland Q3 Economic Growth Improves Slightly (03 hr(s), 15 min(s), 41 sec(s) ago)
(RTTNews) - The Irish economic growth improved marginally in the three months ended September, aft ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Employment Jumps By 263,00 Jobs In November, More Than Expected

12/02/2022 - 09:42 AM (RTTNews)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story>>

Slovakia Q3 Jobless Rate Falls Slightly

12/02/2022 - 09:09 AM (RTTNews)
(RTTNews) - Slovakia's unemployment rate decreased marginally in the third quarter, figures fr ...Full Story>>

U.S. Employment Jumps More Than Expected In November

12/02/2022 - 08:38 AM (RTTNews)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story>>

Eurocoin Indicator Falls In November

12/02/2022 - 08:36 AM (RTTNews)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in Novemb ...Full Story>>

Brazil Industrial Production Rises Unexpectedly

12/02/2022 - 08:08 AM (RTTNews)
(RTTNews) - Brazil's industrial production expanded unexpectedly in October, after falling in ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.