BAKU, Azerbaijan, April 6. Georgia expects a single-digit inflation rate by the end of 2022 despite the consequences of the hostilities between Russia and Ukraine and their impact on the economic stability of the region, Tamar Baiashvili, Deputy Head of the Macroeconomics and Statistics Department of the National Bank of Georgia (NBG), said, Trend reports via Georgian media.
According to the NBG’s forecast, the inflation rate in Georgia by the end of the current year will reach 7 percent, Baiashvili said.
She noted that the NBG forecast the drop in inflation rate in March, however, the current circumstances could not allow this to happen, so, the NBG had to raise the refinancing rate by 0.5 percentage points to 11 percent on March 30, 2022, to somewhat stabilize further inflation increase.
Meanwhile, the previous rate increase occurred in December 2021, when the regulator also raised the rate to 10.5 percent.
According to the National Statistics Office (Geostat), the inflation rate in Georgia in March 2022 amounted to 11.8 percent.
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