Georgia's central bank cut its refinancing rate by 25 basis points after inflation slowed in June. The benchmark refinancing rate was lowered to 7.75 percent from 8 percent, the Tbilisi-based bank said on its website today. The rate had remained at 8 percent since February.

Inflation slowed to10 percent inJune, after consumer- price growth accelerated to 14.3 percent the previous month, according to the statistics office. The bankexpects inflation to slow to 7.5 percent by year-end.

Borrowing costs in the Black Sea nation are among the highest in the region, with rates in neighboring Armenia and Azerbaijan at8.5 percentand 5.25 percent.

Source: bloomberg.com/news