National Bank Vice President: int’l ratings for Georgia boost investor confidence
Mestvirishvili cited Russia's invasion of Ukraine, higher commodity prices and “ongoing negative impacts” of the Covid-19 pandemic among the challenges, and said maintenance of credit ratings for Georgia despite these issues showed “effectiveness” of the NBG's response to macroeconomic policy and the efficiency of the banking system. Photo: Nino Alavidze/Agenda.ge
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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.
Mestvirishvili said the ratings had a positive impact on the country's business environment, and added the rankings for the country had been maintained despite international challenges.
He cited Russia's invasion of Ukraine, higher commodity prices and “ongoing negative impacts” of the Covid-19 pandemic among the challenges, and said maintenance of credit ratings for Georgia despite these issues showed “effectiveness” of the NBG's response to macroeconomic policy and the efficiency of the banking system.
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”.
Georgian Finance Minister Lasha Khutsishvili on Thursday welcomed an increase in the International Monetary Fund’s estimation of 2023 economic growth for Georgia to five percent, and the institution’s allocation of about $40 million in support of the country.
The International Monetary Fund on Thursday announced the completion of the second review under the Stand-By Arrangement with Georgia, with the process making about $40 million in support available to the country.
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 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.
Commercial banks in Georgia loaned ₾44.77 billion ($17.3 bln) and received deposits of ₾43.09 billion ($16.7 bln) in April 2023, the latest data from the National Bank of Georgia shows.
Natia Turnava, the Acting President of the National Bank of Georgia, on Thursday discussed macroeconomic trends in the country at an introductory meeting with Andrew Jewell, the new representative of the International Monetary Fund in the country.