According to TBC capital, in this regard, the arguments, in addition to the replenishment of foreign exchange reserves, are the strengthening of the GEL in relation to the currencies of the main trade and economic partners and inflation rate below the target, which, according to the organization, will further decrease from 0.6% in July.  
"In itself, this is an important factor in terms of perception and expectations of inflation. In terms of service inflation, to the extent that in the future economy growth is closer to the 5% mark, the base scenario is, we think that this component of consumer prices will gradually be close to the target", - the weekly update reads. 
To be reminded, the NBG (the National Bank of Georgia) forecast document itself states that the National Bank plans to continue reducing the refinancing rate. Currently, this rate is 10.5%, which, according to the National Bank's estimate, will decrease by 1 percentage point this year.
It should be noted that on May 10, the National Bank of Georgia decided to ease the monetary policy and reduce the policy rate by 0.5 percentage points from 11% to 10.5%. At the June 21 session, the rate was left unchanged. For information, the National Bank kept the rate unchanged at 11% for more than a year from March 2022.
The next session of the National Bank's monetary policy is scheduled for August 2.