Natia Turnava, acting Governor of the National Bank of Georgia, took part in a panel discussion titled "Global Financial System in the New World: Implications of Monetary Policy." The discussion was part of the High-Level Conference on Economic Freedom of Kazakhstan.
The session was chaired by Marc Uzan, founder and executive director of the Reinventing Bretton Woods Committee. Other notable participants included Akylzhan Baimagambetov, Deputy Head of the National Bank of Kazakhstan; Nicholas Blancher, IMF Mission Chief for Kazakhstan; Nor Shamsiah Mohd Yunus, former Governor of the Central Bank of Malaysia; and Timur Turlov, CEO of Freedom Holding Corp.
During the session, Turnava highlighted the National Bank of Georgia’s recent achievements in maintaining price stability and its current economic status.
"This success stems from the National Bank of Georgia’s well-calibrated monetary policy," she noted. "Recognizing the rising inflation risks, the National Bank of Georgia took proactive steps, implementing a series of rate hikes to counter inflationary pressures. Our commitment to a tight monetary stance was instrumental in stabilizing inflation expectations and controlling price levels. Since early 2023, Georgia has successfully brought inflation under control, with headline inflation at 1.0% and core inflation at 0.9% as of August 2023. We expect inflation to remain below target in the short term and gradually stabilize around 3% over the medium term. However, external risks remain, particularly due to volatile global energy prices and geopolitical uncertainties."
Turnava emphasized Georgia's resilience in navigating global inflationary pressures through timely policy responses and a sound monetary framework. As a result, the country enjoys a rare combination of high real GDP growth, driven by both productivity gains and potential growth, while maintaining low inflation.
In her speech, Turnava also underlined the importance of regional cooperation, especially in today’s increasingly fragmented global economy. She stressed that for a small, open economy like Georgia, deepening regional collaboration is key to fostering integration. Specifically, she highlighted the development of payment systems and financial technologies as critical areas for cooperation between Central Asia and the Caucasus.
At the conclusion of the discussion, Turnava answered questions from conference participants.
The High-Level Conference on Economic Freedom, marking the 80th anniversary of Bretton Woods, brought together policymakers, financial experts, business leaders, and academics from around the world. The participants explored major trends in the global economy, financial stability, and the future of financial markets.
