BAKU, Azerbaijan, June 3
By Tamilla Mammadova – Trend:
The timely actions and policies of Georgian National Bank (NBG) in 2020 played a significant role in mitigating the negative impact of the COVID-19 pandemic on the economy, said NBG President Koba Gvenetadze, Trend reports via Georgian media.
He made the remark during the presentation of the 2020 report at the sitting of the Finance and Budget Committee of the Parliament of Georgia.
The annual report is prepared following the Law on the National Bank of Georgia. It includes a review of monetary, foreign exchange, supervisory policies, and audited financial statements.
"Timely policy pursued by the National Bank during COVID-19 pandemic was one of the most important factors in the negotiation process with donors, as a result of which the country was able to mobilize significant material assistance in the shortest possible time," Gvenetadze said.
According to him, the recovery of the economy and the normalization of the situation will largely depend on the timing of the pandemic in Georgia and globally.
"During the macroeconomically difficult 2020, the actions of the National Bank of Georgia were timely and adequate, both before the COVID-19 pandemic and during a pandemic. This is confirmed by a number of authoritative international organizations - rating agencies, the International Monetary Fund, the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, and others," said Gvenetadze.
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