National Bank President: Georgian Economy Suffers from External Shocks

On July 30 Koba Gvenetadze, president of the National Bank of Georgia (NBG) answered questions of reporters regarding the current economic situation in Georgia, which has assessed as an eternal shock.

The National Bank of Georgia (NBG) will take due steps if the GEL exchange rate devaluation grows inflation expectations.

‘On July 24 the NBG released a statement and after the meeting of the monetary policy committee we discussed these issues. Today, Georgia is suffering from external shocks. Tourist inflows have declined and this tendency naturally affects the exchange rate. this is a painful process.

In the event we see that the exchange rate affects inflation, we hold various instruments to stabilize the situation.

We believe that the current nominal exchange rate devaluation is bigger compared to the volume of external shocks. If we detect that similar devaluation is transmitted to inflation, we will take measures.

I can say that today macroeconomic environment is good and the declining tourist inflow emerges as one of the factors devaluing the GEL”, Koba Gvenetadze said.

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With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC
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Economy

National Bank President: Georgian Economy Suffers from External Shocks

On July 30 Koba Gvenetadze, president of the National Bank of Georgia (NBG) answered questions of reporters regarding the current economic situation in Georgia, which has assessed as an eternal shock.

Last 7 Days Hot Topic

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National Bank President: Georgian Economy Suffers from External Shocks

On July 30 Koba Gvenetadze, president of the National Bank of Georgia (NBG) answered questions of reporters regarding the current economic situation in Georgia, which has assessed as an eternal shock.

Last 7 Days Hot Topic

With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC 01

The EU Urges Georgia to Refrain from Adopting Legislation that can Compromise Georgia’s EU Path 02

Japanese Cafe Fumfula Expands in Tbilisi Amid Rising Popularity of Asian Cuisine 03

Georgia-Korea Investment Promotion and Protection Talks Advance in Seoul 04

Georgia Sees Surge in Electric Vehicle Registrations 05

Levan Lepsveridze Joins Jury at Cannes International Festival 06

With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC
01

The EU Urges Georgia to Refrain from Adopting Legislation that can Compromise Georgia’s EU Path
02

Japanese Cafe Fumfula Expands in Tbilisi Amid Rising Popularity of Asian Cuisine
03

Georgia-Korea Investment Promotion and Protection Talks Advance in Seoul
04

Georgia Sees Surge in Electric Vehicle Registrations
05

Levan Lepsveridze Joins Jury at Cannes International Festival
06