Acting National Bank Governor discusses macroeconomic trends with analysts
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Thursday met with domestic analysts to discuss macroeconomic trends and forecasts for the domestic economy. Photo: NBG
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Natia Turnava, the Acting Governor of the National Bank of Georgia, on Thursday met with domestic analysts to discuss macroeconomic trends and forecasts for the domestic economy.
The NBG said the meeting assessed vulnerabilities and risks in the financial system, focusing on the “structural characteristics of the financial sector” and aspects of the Georgian economy that were “important for financial stability in the medium and long run”.
Shalva Mkhatrishvili, the Head of the Macroeconomics and Statistics Department of the Bank, said the ongoing conflict in the Middle East had “created risks” in the sector.
It is a source of greater uncertainty that may pose added risks to the inflation perspective. This was the reason for leaving the monetary policy rate unchanged at a rather high level”, he noted.
David Utiashvili, head of the Financial Stability Department, said the NBG’s decision to issue loans of up to ₾300,000 ($110,506) only under hedged terms would “significantly” reduce dollarisation and the systemic risks it entails.
He noted the decision would “further strengthen financial stability”.
Bilateral cooperation, current economic stance and post-pandemic progress made by the country towards economic and governance reforms were discussed on Wednesday by Georgian Finance Minister Lasha Khutsishvili and the World Bank’s high officials in Tbilisi.
The National Bank of Georgia and its educational platform Finedu on Tuesday launched a campaign for enhancing financial education among children, with the move coincided with the annual World Savings Day, a date aimed to raise awareness on the significance of prudent financial planning.
Georgian Prime Minister Irakli Garibashvili on Wednesday highlighted the Government’s “pragmatic” foreign and economic policies, which contributed to securing an uninterrupted peace and stability and ensuring strong economic growth in the country amid the “complex” global security challenges.
The World Bank on Wednesday said the Georgian economy had demonstrated “resilience” amid a rapidly changing external environment due to sound macroeconomic management, while the country faced challenges in creating high-quality jobs.
The National Bank of Georgia on Monday said “high-level” international consultants had joined its team as advisers to help the Acting Governor Natia Turnava in efforts for developing the domestic financial market, implementing current and planned reforms in accordance with international standards, and “strengthen[ing] activities in various directions”.
Georgian Economy Minister Levan Davitashvili on Wednesday said the development of the domestic banking sector was an “important step” towards turning Georgia into a “regional financial centre”.
The National Bank of Georgia and its educational platform Finedu on Thursday won the poster competition on financial education at the sixth biennial Global Social and Financial Skills Conference that brought together experts and practitioners to share knowledge and best practices to socially and economically empower children and youth.