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Central bank of Georgia keeps key rate on hold

The central bank of Georgia decided to keep its refinancing rate on hold at 7.0% and said prices remain in line with forecasts.

Annual inflation decreased in the beginning of 2018 and reached 3.1% in August, according to the National Bank of Georgia, which targets annual inflation of 3.0%.

The central bank said its current forecast suggests that inflation both this year and in the medium term will fluctuate around the target rate, but that it expects no significant deviation from that level.

The bank also cited the increasing growth rate of the country's goods exports and remittances from abroad, but noted that goods imports are also increasing due to strengthening domestic demand.

"There still is the necessity of gradual exit from tight monetary policy, although how this process will be carried out depends on the magnitude of external risks," the central bank said.