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Georgian PM urges to take measures to stabilize prices

Finance Materials 21 November 2019 17:38
Georgian Prime Minister Georgi Gakharia called on the National Bank of the country to use all available instruments to stabilize prices
Georgian PM urges to take measures to stabilize prices

BAKU, Azerbaijan, November 21

By Tamilla Mammadova – Trend:

Georgian Prime Minister Georgi Gakharia called on the National Bank of the country to use all available instruments to stabilize prices on November 21, Trend reports citing Georgian media outlets.

Speaking at a government meeting, Gakharia also urged Finance Minister Ivane Matchavariani to consider the possibility of decreasing the foreign currency lending threshold from 200,000 lari ($67,168) to 100,000 lari ($33,584).

Meanwhile, up until now, loans worth less than 200,000 lari had to be given in the Georgian lari.

"The biggest challenge and goal of our country in the coming years will be economic growth and the creation of new jobs", said Gakharia.

As he noted, the government should work in coordination with the National Bank of Georgia to ensure economic growth, target inflation and price stability.

According to him, fiscal policy and fiscal discipline are also important. "A fair, transparent and efficient tax system is a priority for us,” said Gakharia.

Gakharia instructed Matchavariani to pay special attention to fiscal policy.

The annual inflation rate in October was 6.9 percent against the forecasted three percent, and the food prices increased by 13.5 percent. Experts attribute the rise in prices to the depreciation of the national currency.

For the first half oof this year, the lari depreciated by about 10 percent against the dollar.

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