Meeting with the President of National Bank of Georgia

7 Dec '15

On the 7th of December, BAG organized a meeting between the President of National Bank of Georgia and the representatives of BAG’s member companies.
The meeting focused on the important issues, such as the exchange rate of GEL, macroeconomic trends, inflation level and the economic challenges. The businessmen had opportunity to ask questions to the President of National Bank of Georgia.
The President of National Bank of Georgia, Giorgi Kadagidze presented a report to the members of BAG, which included a summary of the work done for 10 years by the National Bank.
The President of National Bank of Georgia made comments in relation to the inflation rate, in particular, as kadagidze noted, inflation slightly exceeded the target level, but it was predictable. According to our forecasts, inflation will be increased slightly in the first quarter of next year and will return to the target inflation in the second quarter of the year. In case, if we see the need to tighten monetary policy, we will do it, - stated Giorgi Kadagidze.
The President of National Bank of Georgia also spoke about the national currency rate with the media. According to him, the major economic shock, taken by the country, was reflected in the exchange rate of national currency.  So far as I have repeatedly stated, on equal terms, we no longer expect depreciation pressure. We think that the major economic shock, taken by the country, is reflected in the exchange rate of national currency, - stated Giorgi Kadagidze.
As the President of BAG George Chirakadze stated after the meeting, we have reached the stage when we can say that we have received a steady exchange rate. We are very optimistic about the exchange rate of GEL, we have reached the stage when we can say that we have reached a steady exchange rate. Of course, much will be depended on the economy, and the political situation in the country, but if we look at the import-export data, we can say that the exchange rate will be sustained, - stated George Chirakadze.