15.Jul .2021 11:30

The NBG Should Do Everything Possible To Curb Inflation – Kovzanadze

The NBG Should Do Everything Possible To Curb Inflation – Kovzanadze
views 339
Back

The National Bank should do everything possible to curb the inflation, - said Irakli Kovzanadze, chairman of the Parliament's Finance and Budget Committee.

According to him, ensuring price stability is the first and foremost mandate of the NBG, but all agencies should help the central bank to reduce inflation, including the Ministry of Finance and the Georgian government.

A few days ago Irakli Kovzanadze asked Nikoloz Gagua, the candidate for the NBG Board membership and the current Deputy Minister of Finance, what size deviation from the inflation target he considers acceptable. Nikoloz Gagua answered that the rate could be within +1,5 or -1%. "This is my opinion and we can argue," Nikoloz Gagua added.

On the same issue, chairman of the Parliamentary Finance and Budget Committee declares that National Bank of Georgia, whose mandate is to maintain price stability must curb inflation in the country, which is very painful for the population.

"I think that there is high inflation in Georgia and it worries the population of Georgia. People are worried about rising prices and this is a serious problem. We must do everything, including, the National Bank of Georgia, whose mandate is to maintain price stability, to curb inflation in a country where price increases are very painful for the citizens", Irakli Kovzanadze said.

Irakli Kovzanadze refrains to make a comment about the activity of the NBG at this stage.

"I will not evaluate the work of the NBG now, as there is the annual report ahead. We will have time to evaluate the activities of the National Bank then," he said.