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Georgia's central bank to raise interest rate to 7 pct

Xinhua, May 2, 2017 Adjust font size:

Georgia's National Bank announced Tuesday it has decided to increase the refinancing rate by 25 basis points to 7.0 percent, citing supply side pressure and possibly higher inflation in the coming months.

The central bank said it will continue to monitor the economy and the developments in the financial markets and will use all instruments at its disposal to ensure price stability, according to a report issued Tuesday by the Monetary Policy Committee of the bank.

According to preliminary official data, Georgia's economic growth in the first quarter of this year was 5.0 percent and the Core Price Index (CPI) stood at 4.9 percent, both higher than the same period last year.

Earlier, Georgia set its 2017 CPI target at 5 percent. Endi