The National Bank of Georgia (NBG) hosted an international seminar on Wednesday titled ‘Impact and Risks of Global Economic Trends’, focusing on regional challenges and strategies for ensuring financial stability.
The event brought together experts and officials to discuss current economic trends and assess future risks impacting both Georgia and the global economy, according to the central bank.
In her opening remarks, NBG Vice Governor Ekaterine Mikabadze emphasized the Bank’s commitment to maintaining macroeconomic stability and sustainability.
“Flexibility, transparency, and trust are the cornerstones of a successful monetary policy,” Mikabadze stated.
She further underscored the central bank’s responsibility to maintain price stability as a critical foundation for long-term economic growth.
“Since the start of 2023, we’ve seen a slowing pace of price growth, with inflation remaining under the three percent target since March. This achievement is a direct result of our proactive monetary policy,” the Vice Governor added.
The seminar featured presentations from global economic experts, including Douglas Laxton and David Vavra, who serve as international advisors to the NBG.
Vavra addressed current challenges within Georgia’s domestic financial sector and evaluated the “effectiveness” of the NBG’s monetary policy framework in managing these risks.
Laxton, drawing on his experience with the International Monetary Fund and the Bank of Canada, commended the NBG for its success in managing price stability.
“Georgia’s central bank has navigated the challenges of maintaining price stability more effectively than many advanced economies. The open communication between the NBG and commercial banks is highly commendable and should serve as a model for central banks globally,” he noted.
The seminar was attended by officials from the Georgian Parliament, the Government, the financial sector, analytical centers, research organizations, and academia.
By Team GT
