{"id":99580,"date":"2016-12-14T11:36:46","date_gmt":"2016-12-14T16:36:46","guid":{"rendered":"http:\/\/countingpips.com\/?p=99580"},"modified":"2016-12-14T15:17:01","modified_gmt":"2016-12-14T20:17:01","slug":"georgia-holds-rate-omits-guidance-of-future-easing","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/12\/georgia-holds-rate-omits-guidance-of-future-easing\/","title":{"rendered":"Georgia holds rate, omits guidance of future easing"},"content":{"rendered":"<div id=\"inves-3603099470\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">December 14, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.centralbanknews.info\/\"><u>CentralBankNews.info<\/u><\/a><br \/>\n&nbsp; &nbsp; Georgia&#8217;s central bank left its benchmark refinancing rate at 6.50 percent, saying inflation is expected to rise from an planned one-time rise in excise taxes but demand remains weak and should restrain inflation in the medium term.<br \/>&nbsp; &nbsp; The National Bank of Georgia (NBG) has cut its rate four times this year by a total of 150 basis points and said in October that it expected to cut the rate to 6.0 percent over the next two quarters.<br \/>&nbsp; &nbsp;Today the bank&#8217;s monetary policy committee omitted any specific reference to future decisions, merely saying it would take into account factors that affect inflation expectations.<br \/>&nbsp; &nbsp; Georgia&#8217;s inflation rate rose slightly to 0.2 percent in November from minus 0.2 percent in October, with the NBG attributing this to international markets, commodity prices and weak demand.<br \/>&nbsp; &nbsp; It added that its monetary easing, which has lowered the rate on lari-denominated loans, should help stimulate demand while exports are rising and tourism and remittances are on an upward trend.<br \/>&nbsp; &nbsp; The exchange rate of Georgia&#8217;s lari has weakened in recent months due to the global rise in the U.S. dollar, the depreciation of the Turkish lira and through trade channels, the bank said.<br \/>&nbsp; &nbsp; The lari hit a new all-time low of 2.66 today and earlier this month the central bank said it expected the lari to stop losing value soon, urging people to avoid what it described as &#8220;harsh decisions&#8221; by buying foreign currency.<br \/>&nbsp; &nbsp; The exchange rate of the lari is down 9.8 percent since the start of this year.<br \/>&nbsp; &nbsp; Last month the International Monetary Fund estimated 2016 growth of 2.7 percent and average inflation of 2.0 percent, with growth rising to 4 percent next year and inflation at 3.0 percent.<\/p>\n<p>&nbsp; &nbsp; <a href=\"http:\/\/www.centralbanknews.info\/\">www.CentralBankNews.info<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By CentralBankNews.info &nbsp; &nbsp; Georgia&#8217;s central bank left its benchmark refinancing rate at 6.50 percent, saying inflation is expected to rise from an planned one-time rise in excise taxes but demand remains weak and should restrain inflation in the medium term.&nbsp; &nbsp; The National Bank of Georgia (NBG) has cut its rate four times this [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-99580","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=99580"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99580\/revisions"}],"predecessor-version":[{"id":99581,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99580\/revisions\/99581"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=99580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=99580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=99580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}