IN JULY, GEORGIA’S ANNUAL INFLATION RATE MADE UP 11.5%
Sakstat reported that in July, annual inflation in Georgia made up 11.5% (against of target of 3%). Monthly inflation (i.e. compared with the previous month, June) made up 0.2%.
NBG LEFT MONETARY POLICY RATE INTACT
National Bank of Georgia (NBG) reported that its Monetary Policy Committee decided on August 3 to keep the monetary policy rate (refinancing rate) intact. Accordingly, the monetary policy rate remains 11%.
NBG: INFLATION WILL TEND TO DECLINE IN THE CURRENT AND NEXT YEARS – BUT AT RELATIVELY SLOW PACE
The inflation will tend to decline in the current and next years – but at a slower pace compared to the previous forecast, declared National Bank of Georgia (NBG) on August 3.
In case other things being equal, inflation will gradually approach the target level (3%) in the second half of 2023, NBG forecasts.
NBG REDUCES MAXIMUM DURATION OF CONSUMER LOAN TO 3 YEARS
National Bank of Georgia (NBG) decided to reduce the maximum duration of a consumer loan from 4 to 3 years. The change will enter in force on August 15.
GEORGIA IS THE LEADER AMONG WINE IMPORTERS TO THE US IN TERMS OF SHARE OF ORGANIC WINES
Georgia is the leader among wine importers to the US in terms of the share of organic wines, Georgian National Wine Agency reported, with reference to the American Association of Wine Economists (AAWE).
In particular, according to AAWE, 11.3% of the total volume of wine delivered to the US from Georgia has an organic wine certificate.
CONSTRUCTION OF KOBULETI BRANCH OF THE EAST-WEST MAIN GAS PIPELINE IS ON THE FINAL STAGE
Construction of Kobuleti branch (Ajara) of the East-West main gas pipeline is on the final stage, declared Georgian Oil and Gas Corporation.
Following decree of the Georgian government, the Corporation implements the project at its own expense.