Georgia raises refinancing rate for first time in two years

The National Bank of Georgia has hiked the monetary policy or refinancing rate from 8% to 8.25% per annum, the Monetary Policy Committee said in a press release.

"As a result, the NBG considered it optimal to increase the monetary policy rate by 0.25 pp to 8.25%," the statement reads.

This decision is aimed at keeping inflation expectations firmly anchored at the target.

The Monetary Policy Committee will hold its next meeting on June 17.