The National Bank of Georgia (NBG) increased the refinancing rate by 0.5 percentage points and the monetary policy rate made up 11%.
Asked by the reporters, how much the refinancing rate could increase in the event of high inflation, Koba Gvenetadze, the Governor of the NBG, responded that there was no concept of an upper limit and the monetary policy rate could increase until it was needed.
“Refinancing rate will increase as long as it is necessary. But there is one factor, tightening of monetary policy increases interest rates in GEL and encourages the dollarization of loans, which is not good.
If the risks are sharply realized, other tools can be used in addition to the policy rate, which will be aimed at more financial stability. Despite the challenges, the NBG policy will be aimed at fulfilling its mandate to bring inflation closer to the target level in the medium term," Gvenetadze said.
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