The event was devoted to a discussion on the challenges emerging in the CAREC countries. Koba Gvenetadze noted that due to the pre-pandemic macroprudential measures taken by the NBG, the financial stability policy carried out after the beginning of the pandemic and the Russia-Ukraine war, the financial sector maintains stability and continues crediting to the economy without interruption. Koba Gvenetadze drew attention to the challenges of financial stability caused by Russia's invasion of Ukraine globally.

“Amid the sequential shocks of recent years, ensuring price stability has become a global challenge. The international financial sanctions imposed by the USA, the European Union and Great Britain against the Russian Federation and Belarus are creating additional difficulties for the financial sector. The main challenge Georgia is facing is the complexity of these sanctions, which requires significant resources from financial institutions. Compliance with international sanctions depends upon detailed and thorough monitoring of transactions, which causes delays in transactions. In order to ensure financial stability, the National Bank of Georgia took appropriate consistent and timely measures and instructed the representatives of the financial sector to fulfill all obligations under the regime of international sanctions. In addition, the National Bank, as a supervisory body, provides consultation and clarifies specific sanctions, if necessary, thereby ensuring compliance with standards," said Koba Gvenetadze.

"The US State Department published a report on the investment environment of Georgia in July 2022 and positively assessed the activity of the National Bank. The National Bank of Georgia and the financial institutions of Georgia operate in full compliance with the sanctions imposed against the Russian Federation by the United States of America and other countries. These evaluations and the recent awards received by the National Bank are especially important in the period of post-pandemic and geopolitical challenges and once again confirm the correctness of the policy carried out by the National Bank of Georgia, and obviously, it is the merit of our team," - Koba Gvenetadze stressed.

In addition, the participants spoke in detail about the rise in the global inflation, which has a negative impact on the economies of the countries. At the same time, the conversation touched on geopolitical events that affect supply chains.

The event was attended by the representatives of the financial sector, Ministries of Finance, central banks, financial regulatory bodies and private sector of  the CAREC member countries.