Georgian National Bank Vice President: inflation to decrease in case of no shocks
The Vice President of the Bank also said the next inflation forecasts would be published following the body’s monetary policy meeting on March 29. Photo: Nino Alavidze/Agenda.ge
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The downward trend of inflation in the Georgian economy will continue in case of absence of further shocks, Archil Mestvirishvili, the Vice President of the National Bank of Georgia, said on Wednesday.
Mestvirishvili said the domestic economy had passed the peak of inflation in 2021, noting expectations were influenced by exchange rate and inflation dynamics.
“Higher salary growth over productivity - the tendency that potentially puts upward pressure on inflation - is changing, and no longer has the same dynamics as before. We will continue observing how productivity changes continue. Hopefully, this rate will decrease and there will be no risk of inflation in the future”, Mestvirishvili added.
The Vice President of the Bank also said the next inflation forecasts would be published following the body’s monetary policy meeting on March 29.
Seventeen units of insignificant amounts of individual state aid were issued in Georgia in 2022 for a total amount exceeding ₾30 million ($11.63mln), the National Competition Agency of Georgia announced on Tuesday.
The European Bank for Reconstruction and Development has allocated €19 million for better waste management and disposal in western Georgia’s Black Sea region of Adjara, the Bank said on Monday.
Georgian external trade turnover amounted to $2.89 billion in January-February 2023, posting a 12.3 percent increase year-on-year, the Georgian National Statistics Office revealed on Monday.
Inflation in the Georgian economy will remain close to the target in the middle of 2023 “if there are no shocks,” Archil Mestvirishvili, the Vice President of the National Bank of Georgia, said on Monday at a meeting of the Sector Economy and Economic Policy Committee in Parliament.
Georgian recipients received ₾985.5 million ($372.3 mln) in remittances from abroad in February, marking a 103 percent increase year-on-year, the latest data from the National Bank of Georgia shows.
The National Bank of Georgia on Wednesday said even though inflation was “still high” in the country, the trends were following a “downward trajectory”, with the numbers expected to remain below the “target level” in the second half of the year.
The gross external debt of Georgia increased by $1.4 billion during the fourth quarter of 2022 and stood at $23.5 billion at the end of the year, the National Bank said in its latest update of national debt statistics on Friday.
Georgian recipients received ₾1134.4 million ($438.4 mln) in remittances from abroad in March, marking a 127.1 percent increase year-on-year, the latest data from the National Bank of Georgia shows.
Commercial banks in Georgia loaned ₾44.87 billion ($17.9 bln) and received deposits of ₾43.34 billion ($17.3 bln) in March, the latest data from the National Bank of Georgia shows.
Archil Mestvirishvili, the Vice President of the National Bank of Georgia, on Thursday said the domestic financial sector was ensuring enforcement of the international sanctions on Russia for its invasion of Ukraine “very well”.
Archil Mestvirishvili, the Acting President and Vice President of the National Bank of Georgia, on Wednesday said evaluations of Georgia's investment environment by international rating agencies boosted investors' and foreign organisations' confidence in the domestic economy.
Commercial banks in Georgia loaned ₾47.33 billion ($18.244 bln) and received deposits of ₾46.79 billion ($18.036 bln) in June, the latest data from the National Bank of Georgia shows.