Vice-Governor of the National Bank of Georgia (NBG), Papuna Lezhava, announced the bank’s plans to discuss refinancing rate reduction at the next Monetary Policy Committee (MPC) meeting on May 10.
According to Papuna Lezhava, forecasting is difficult when the bank has the same expectations, based on the inflation rate, external factors, and other risks, as it had at the beginning of the year.
“The inflation tends to decrease. However, we should be sure that it keeps going down irreversibly. Internal inflation mainly refers to services and products produced in Georgia. The effect of migration is still high, although it has been a year since the wave of migration started, and it will have a natural base effect. Also, in our statistics, when a migrant stays in a country for longer than a year, the person is not a tourist but a resident. Some statistical shifts take place, respectively, and this may still have migration effect,” he said.
The NBG’s Monetary Policy Committee (MPC) meets eight times annually.
