Home / Banking / Irakli Kovzanadze: NBG will have to go on the Narrow Bridge in Connection with the Inflation
Irakli Kovzanadze: NBG will have to go on the Narrow Bridge in Connection with the Inflation

Irakli Kovzanadze: NBG will have to go on the Narrow Bridge in Connection with the Inflation

“Previous 2016 has shown us that we have the main challenges in two directions for the country’s economy and financial sector – on the one hand, monetary stability and inflation, and on the other hand, the sustainability and functionality of the financial-banking and non-bank credit system.

The situation is stable in terms of the sustainability and solvency of banking system. However, there are weaknesses and a lot of work is needed to improve competitive and anti-monopolistic environment by the banking institutions in the direction of consumer protection, ” – Irakli Kovzanadze, chairman of the Committee on Finance and Budget said at the parliament session where the National Bank’s 2016 report was discussed.

Irakli Kovzanadze emphasized inflation from the parliamentary tribune: “As for the inflation, the National Bank should pay attention to this. There are problems in this direction. Consequently, it is important that keeping of inflation should not become a hindering factor of economic growth. This is very difficult and the National Bank will have to go on the “narrow bridge” in the short or medium term of period”.