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Georgia begins to reduce national debt

2011-08-18 15:27

Georgia begins to reduce national debt. 20979.jpegAccording to information announced today by the head of Georgian Finance Department Dmitry Gvindadze, on the basis of economic growth of Georgia in 2012, the national debt begins to reduce. Then it will be brought to 35-33 percent of GDP. As reported by Trend, Minister of Finance said this in an interview today.

"Ratio of public debt to GDP must not exceed 60 percent because the national debt is one of the main indicators of economic stability. This figure is now 43 percent in Georgia" - said Gvindadze.

Recall, the Monetary Committee of the National Bank of Georgia decided to cut the discount rate by 25 basic points at a meeting on August 17. It was reported by agency Trend with reference to the Georgian National Bank, thus, the rate was set at 7.5 percent.

On the eve the National Bank also released data on the consumer price index for July this year. Thus, compared to the previous month it decreased by 1.5 percent. Annual inflation was 8.5 percent. In July, core inflation was 0.03 percent, excluding food and utilities. Inflation in the service sector was 1.2 percent.

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