National Bank of Georgia (NBG) kept refinancing rate at 8% on April 13 for a second consecutive month.

NBG’s monetary policy committee said in a statement after meeting that monthly inflation remained unchanged in March; annual inflation was 13.9% in March.

It said that inflation was not expected to accelerate in following months and there was no need at this point to further tighten monetary policy.

The central banks expects inflation to go down to single digit from the second half of the year. Earlier this month the government revised annual inflation forecast from 7% to 8% by the year's end.

In February the central bank increased refinancing rate to 8% from 7.5%, which was kept unchanged since October.