"Inflation is at 9% and it is probably the fault of the National Bank of Georgia. What advice would you give to the NBG management?”- Opposition MP Alexander Rakviashvili addressed these words to Ekaterine Mikabadze, the candidate for the NBG Board of Directors at the sitting of the Committee on Sectoral Economy and Economic Policy.
“The whole country, including the NBG face a big challenge. The high inflation rate is a global challenge at this point. As you know, the high inflationary background is due to the coronavirus pandemic. The National Bank has taken adequate steps amid the pandemic.
The country is facing a very significant depreciation. This is a period when there has been a significant pressure on inflation, not only from the supply side, but also from many other directions. The monetary policy of the National Bank has been adequate in the circumstances in which each committee has to make decisions beforehand. Today, price rise on the international commodity markets is very high, the inflationary pressure coming from the previous depreciation of the exchange rate is high as well. As a result of these factors, I think the current high inflation rate will be reduced to the target rate," said the candidate for the NBG Board of Directors.
