The Monetary Policy Committee of the National Bank of Georgia (NBG) left the refinancing rate at 8.0 percent on 11 February 2026, judging that a “moderately tight” stance remains appropriate as headline inflation of 4.8 percent in January—driven mainly by higher global food and other commodity prices and some domestic one-offs—should start easing, while core inflation at 2.1 percent points to anchored expectations and demand pressures are abating. The rate has been held at 8 percent since at least January 2025. The NBG projects inflation to average 3.7 percent in 2026 and to converge to the 3 percent target from the second quarter, alongside GDP growth slowing toward its long-term rate at a projected 5 percent and credit activity remaining near equilibrium. External price shocks, especially from any escalation in global geopolitics, pose the main upside risk, while a weaker US dollar and lower oil prices could pull inflation down. The Committee reiterated that further policy moves will depend on incoming data; it will only begin easing once one-off factors fade and stands ready to maintain or tighten the stance should inflation prove more persistent.
National Bank of Georgia 2026-02-11
National Bank of Georgia keeps refinancing rate unchanged at 8.0 %
Georgia’s National Bank Monetary Policy Committee on 11 February 2026 kept the refinancing rate at 8.0 percent, judging the current “moderately tight” stance appropriate as January headline inflation was 4.8 percent, core 2.1 percent, and demand pressures are easing. The NBG expects inflation to average 3.7 percent this year and return to its 3 percent target from Q2, projects GDP growth around 5 percent, and stressed data-dependent policy with readiness to tighten if global commodity shocks lift prices.