„Acting President of the National Bank of Georgia, Natia Turnava, and Vice President, Archil Mestvirishvili, took part in the 30th anniversary event of the national currency of Armenia - the dram. The high-level symposium was organized by the Central Bank of Armenia and the Bretton Woods Committee in Dilijan. Central banks of the Caucasus and Central Asia region, as well as representatives of the government, financial sector, academic and scientific circles attended the symposium,“ - the Public Relations Service of the National Bank.
Natia Turnava shared the experience of Georgia regarding the development of the monetary policy framework with the participants of the symposium. She also spoke about the challenges of the high-inflationary environment and the steps taken to reduce dollarization.
"The experience of recent years has shown that inflation targeting and a floating exchange rate are best practices for dealing with even unprecedented economic shocks such as the pandemic and the Russian invasion of Ukraine. For comparison, if last summer inflation rate in Georgia was almost 14%, now it is gradually decreasing and in July 2023 it was only 0.3%. The annual inflation rate will gradually approach the target of 3%, which proves that the monetary policy and communication of the National Bank is effective," noted Natia Turnava.
The participants of the meeting discussed the future prospects of the digital currency and the progress of the digitalization process. The conversation also touched on new economic challenges, such as climate changes, war-related migration and excessive capital inflows, and the role of central banks in minimizing these risks.
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