Georgia’s National Bank raised its refinancing rate to 8.25% for the first time since 2022, tightening monetary policy in response to rising inflationary pressures linked to the Iran conflict. The decision, announced on Wednesday, reflects a 0.25 percentage point increase following a prolonged period during which the rate had remained unchanged, according to the National Bank. The regulator said that the escalating conflict in the Middle East, alongside continued shipping disruptions through the Strait of Hormuz, has triggered a new wave of supply-driven inflation globally. Rising international energy prices have already translated into higher fuel costs in Georgia, contributing to inflationary pressures in the country.