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No One Can Ease Soaring Oil Prices With Waving A Magic Crude Wand – Koba Gvenetadze

61b1b9f810122
Natia Taktakishvili
09.12.21 13:00
326
Koba Gvenetadze, President of the National Bank of Georgia declares, that no one can ease soaring oil prices on the international market with waving a magic crude wand.

Koba Gvenetadze noted at the Budget and Finance Committee meeting, that inflation is a problem for the whole world, which is rather high in Turkey.

“The key factor is economic structure. Tourism sector is important for Georgia and because the pandemic has reduced mobility, we have suffered more losses. Prices on cargo shipments from China to Europe are 5 times up, which affects the prices.

All prices from the Georgian basket reflect the trends, which take place on the international market. And when the price of oil rises on the international market, no one can ease soaring oil prices with waving a magic crude wand. This is very unfortunate, I understand the population, but inflation is a problem of the whole world,"- said Koba Gvenetadze.

According to Gvenetadze, inflation stands at 8% in Romania, 10.5% - in Belarus, 11% - in Ukraine, 9% - in Moldova , 9% - in Kazakhstan, 6% - in Hungary.

Inflation made up 12.5% in Georgia.