TBILISI, April 27 (Reuters) - Georgia’s central bank plans to reduce it refinancing rate gradually, its said in a press release on Wednesday after it cut its key refinancing rate to 7.5 percent from 8 percent.

Georgia’s central bank also expects the country’s annual inflation to decline in the next quarter, it said. It also sees 2016 economic growth at 3 percent. (Reporting by Margarita Antidze; writing by Polina Devitt; editing by Jason Bush)