Macroeconomic Forecast GeorgiaJanuary 2012 | Macroeconomic Forecasts
The National Bank of Georgia cut the refinancing rate by 25bps in both November and December, to 6.75%. This came on the back of a sharp fall in headline inflation, with consumer prices growing only 1.9% y-o-y in November. Given rising global headwinds and also considering that inflation is set to remain low next year, we forecast the present easing cycle to continue next year with a further 50bps of cuts towards 6.25% pencilled in by end-2012.
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