The National Bank of Georgia held its policy rate steady at 8% during its November 2025 meeting, maintaining a cautious stance amid persistent inflation risks. Annual inflation climbed to 5.2% in October, the highest since March 2023, moving further above the central bank’s 3% target. Underlying inflation indicators have also remained close to the target level. The central bank expects headline inflation to average around 4% in 2025, before easing to 3.5% in 2026. Meanwhile, economic activity is gradually converging toward its long-term potentia helping reduce demand-driven price pressures, with GDP rising 7.7% in the January–September period. After weighing upside inflation risks from US tariffs, geopolitical tensions, and domestic developments against downside risks from lower oil prices, a softer USD, and easing labor-market pressures, the MPC has considered it optimal to maintain a moderately tight policy stance.