Today, the National Bank of Georgia governor, Koba Gvenetadze, presented the 2020 report at the sitting of the Finance and Budget Committee of the Parliament of Georgia. The annual report is prepared following the Law on the National Bank of Georgia. It includes a review of monetary, foreign exchange, supervisory policies, and audited financial statements.
According to Koba Gvenetadze, the timely actions and policies of the National Bank in 2020, in the light of the unprecedented shock, played a significant role in mitigating the negative impact of the pandemic on the economy.
"Adequate, timely policy pursued by the National Bank during the pandemic was one of the most important factors in the negotiation process with donors, as a result of which the country was able to mobilize significant material assistance in the shortest possible time," the NBG President said and added NBG's actions were adequate both, before and during the pandemic.
"The reality created due to the pandemic is complicated and extraordinary. The recovery of the economy and the normalization of the situation will largely depend on the timing of the pandemic in Georgia and globally. During the macroeconomically difficult 2020, the actions of the National Bank of Georgia were timely and adequate, both before the pandemic and during the pandemic. This is confirmed by a number of authoritative international organizations - rating agencies, the International Monetary Fund, the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, and others, "- said Gvenetadze.
