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Market Update: Georgia Holds Interest Rate Steady at 9.5%
The central bank of Georgia raised the benchmark interest rate by 100bps to 9.5 percent on April 28th 2021. Policymakers noted that the removal of subsidies in utility bills was reflected in the upward trend in inflation, which soared to an over 9-year high of 7.2 percent in March of 2021. Overall, the National Bank of Georgia warned inflationary pressure came mainly from upside risks arising from prices in international commodity markets, which impacts oil and food prices, a weaker currency and an increase in imports. Looking ahead, the bank sees inflation ease to 6.5 percent in the current year, while the forecast for economic growth stood at 4 percent. source: National Bank of Georgia [/s2If]
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