{"id":23274,"date":"2011-08-17T15:08:00","date_gmt":"2011-08-17T19:08:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?guid=1e7060782a4151674b00057c0ff66623"},"modified":"2011-08-17T15:08:00","modified_gmt":"2011-08-17T19:08:00","slug":"national-bank-of-georgia-drops-refinancing-rate-25bps-to-7-50","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/08\/17\/national-bank-of-georgia-drops-refinancing-rate-25bps-to-7-50\/","title":{"rendered":"National Bank of Georgia Drops Refinancing Rate 25bps to 7.50%"},"content":{"rendered":"<p><span class=\"Apple-style-span\" style=\"background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\">The&nbsp;<a href=\"http:\/\/www.nbg.gov.ge\/\" style=\"color: #3778cd; text-decoration: none;\">National Bank of Georgia<\/a>&nbsp;decreased its benchmark refinancing interest rate by 25 basis points to 7.50% from 7.75%. &nbsp;The Bank said (translated) the high rate of inflation (8.5% in July) was mainly driven by food price rises (6.7%), and it expects inflation to reduce in the coming months; towards target by the end of the current year. &nbsp;The interest rate decrease was preventative in nature, in order to keep inflation around the target level in the medium term. &nbsp;The Bank also noted the economic growth risks in the US and eurozone economies; commenting that it may ease pressure on commodity prices, but also impact on global growth risks.<\/span><\/p>\n<div><span class=\"Apple-style-span\" style=\"background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><\/span><br \/><a name='more'><\/a><\/div>\n<div><span class=\"Apple-style-span\" style=\"background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\">Previously the Georgian central bank also cut the interest rate by 25bps to 7.75% in Jun, after <a href=\"http:\/\/www.centralbanknews.info\/2011\/05\/georgia-central-bank-holds-refinancing.html\">holding<\/a> steady in May (the bank last increased the rate by 50 basis points in February this year). &nbsp;Georgia reported annual consumer price inflation of 8.5% in July, down from 13.5% in April, and above the Bank&#8217;s inflation target of 6.0%; meanwhile the full-year government inflation forecast is 7%. &nbsp;According IMF statistics, Georgia saw average annual inflation of 4.95% in 2010, with the full year figure at 5.04%, while the Georgian economy grew just 2%.<\/span><\/div>\n<div><span class=\"Apple-style-span\" style=\"background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><br \/><a href=\"http:\/\/www.centralbanknews.info\/\" style=\"color: #3778cd; text-decoration: none;\" >www.CentralBankNews.info<\/a><\/span><\/div>\n<div class=\"blogger-post-footer\"><img width='1' height='1' src='https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-5311575314860406039?l=www.centralbanknews.info' alt='' \/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;National Bank of Georgia&nbsp;decreased its benchmark refinancing interest rate by 25 basis points to 7.50% from 7.75%. &nbsp;The Bank said (translated) the high rate of inflation (8.5% in July) was mainly driven by food price rises (6.7%), an&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-23274","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/23274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=23274"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/23274\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=23274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=23274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=23274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}