The central bank of Georgia slashed its key monetary policy rate by 25bps to 8.25% on June 24th of 2020, bringing borrowing costs to its lowest since September of 2019 and following a 50bps cut in the previous meeting in an attempt to support the economy amid the Covid-19 pandemic crisis. In May, the annual inflation rate fell to 6.5% from 6.9% in the prior month, and the National Bank expects it to continue to fall during the rest of the year until it reaches the 3% target level in the first half of 2021. Policymakers pledged to use all the tools at its disposal to ensure price stability.
Interest Rate in Georgia averaged 6.69 percent from 2008 until 2020, reaching an all time high of 12 percent in April of 2008 and a record low of 3.75 percent in August of 2013. This page provides the latest reported value for - Georgia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Georgia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Interest Rate in Georgia is expected to be 7.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Georgia to stand at 7.50 in 12 months time. In the long-term, the Georgia Interest Rate is projected to trend around 6.00 percent in 2021, according to our econometric models.