National Bank of Georgia Keeps Key Rate Unchanged

2026-02-11 08:23 By Joshua Ferrer 1 min. read

The National Bank of Georgia kept its policy rate unchanged at 8.0% at its February 2026 meeting, maintaining a moderately tight stance amid persistent inflation pressures.

Annual inflation stood at 4.8% in January, driven mainly by food prices, while core inflation remained within target at 2.1% and services inflation edged up to 3%.

The NBG noted that rigid price measures rose moderately, increasing risks to inflation expectations, prompting a slight upward revision to its 2026 inflation forecast.

Still, inflation is expected to gradually approach the 3% target from the second quarter and average 3.7% this year.

Economic growth is projected at 5% in 2026 as activity returns to its long-term trend and credit expansion stabilizes.

The MPC highlighted both upside risks from global commodity prices and geopolitical tensions and downside risks from a weak dollar, lower oil prices, and domestic labor market trends, reiterating that future policy moves will depend on incoming data.



News Stream
National Bank of Georgia Keeps Key Rate Unchanged
The National Bank of Georgia kept its policy rate unchanged at 8.0% at its February 2026 meeting, maintaining a moderately tight stance amid persistent inflation pressures. Annual inflation stood at 4.8% in January, driven mainly by food prices, while core inflation remained within target at 2.1% and services inflation edged up to 3%. The NBG noted that rigid price measures rose moderately, increasing risks to inflation expectations, prompting a slight upward revision to its 2026 inflation forecast. Still, inflation is expected to gradually approach the 3% target from the second quarter and average 3.7% this year. Economic growth is projected at 5% in 2026 as activity returns to its long-term trend and credit expansion stabilizes. The MPC highlighted both upside risks from global commodity prices and geopolitical tensions and downside risks from a weak dollar, lower oil prices, and domestic labor market trends, reiterating that future policy moves will depend on incoming data.
2026-02-11
National Bank of Georgia Holds Key Rate at 8%
The National Bank of Georgia maintained its policy rate at 8% during its December 2025 meeting, reflecting a measured approach amid lingering inflation pressures. Inflation slowed to 4.8% year-on-year in November, while core and service sector inflation remained near target at 2.3% and 2.6%, respectively. Rising food prices continue to influence headline inflation, though these effects are expected to be temporary. The NBG forecasts that inflation will average around 4% this year and gradually ease toward 3.5% in 2026. Economic activity is steadily returning to its long-term potential, helping to ease demand-side price pressures. Considering both upside risks from global commodity prices and geopolitical tensions and downside risks from a softer USD, falling international food prices, and domestic labor market developments, the Monetary Policy Committee deemed it appropriate to maintain a moderately tight monetary policy stance.
2025-12-17
National Bank of Georgia Keeps Key Rate at 8%
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.
2025-11-05