Georgia Tasso Di Interesse

The National Bank of Georgia held its policy rate steady at 8% during its November 2025 meeting, signaling a cautious approach amid persistent inflationary pressures. Annual inflation climbed to 5.2% in October, the highest since March 2023, moving further above the central bank’s 3% target. Underlying inflation indicators have also remained close to the target level. The central bank expects headline inflation to average around 4% in 2025, before easing to 3.5% in 2026. Meanwhile, economic activity is gradually converging toward its long-term potential, helping reduce demand-driven price pressures, with GDP rising 7.7% in the January–September period. After assessing upside inflation risks from US tariffs and geopolitical tensions, along with domestic economic risks against downside risks from lower oil prices, a softer USD, and domestic labor market developments, the MPC deemed it appropriate to maintain a moderately tight policy stance.