According to Natia Turnava, the NBG will take decisions on rate reduction at the remaining sessions until the end of the year with small bids. 
Due to the sharply increased inflation, the National Bank increased the refinancing rate to 11% in 2022, this year in May it was reduced by 0.5 percentage points, and today by an additional 0.25%.
"In June, the annual inflation rate amounted to 0.6 percent. Since last year, the prices of food raw materials and oil in the international markets have a downward trend. The cost of international shipments has also decreased almost to the pre-pandemic level. Together with the strengthened exchange rate of the GEL, this reduces the prices of imported goods in Georgia. The decrease in inflation rate is also facilitated by the tightening monetary policy, which reduced inflation expectations. As a result, local inflation rate is also decreasing, albeit at a relatively slow pace, and in June it was equal to 8.5 percent. During the year, it is expected to decrease even more. According to the current forecast, the inflation rate will be below the 3%-target in the months after 2023, and will stabilize around it in the medium term. It is a prerequisite for stability," – the National Bank of Georgia said.
The Monetary Policy Committee of the National Bank of Georgia will take a further decision on the refinancing rate on September 13.