The International Monetary Fund gave positive assessment to the work of the National Bank of Georgia in its recent paper. The document deals with the strengthening of the monetary policy framework in the countries of the Caucasus and Central Asia region.
The paper addresses the global challenges that affect the inflation rate of the countries of the Caucasus and Central Asia (CCA) region amidst a global backdrop of persistent post-COVID inflation and spillovers from Russia’s war in Ukraine. Despite the strong price pressures in recent years, the countries of the region successfully coped with the challenges thanks to the current monetary policy. The study discusses in detail the successive steps taken by the central banks over the years in modernization of the monetary policy framework, where Georgia takes an advanced position.
“Central banks should adopt a forward-looking strategy that maps the price stability objective into policy decisions. This requires having a well-established FPAS system. Some CCA central banks (Armenia, Georgia, and Kazakhstan) have made good progress setting up FPAS systems”, states the paper.
"Our central mandate is to ensure price stability, and to achieve this goal, as you know, the National Bank of Georgia conducts monetary policy. It is very gratifying that according to the latest study of the IMF, Georgia occupies a leading position in the Caucasus and Central Asia in terms of modernization of the monetary policy framework. This is thanks to our professional team, I would like to thank them", said Natia Turnava.
