Leader of Movement for Fair Georgia criticizes monetary policy of government
Georgia, Tbilisi, Dec. 26/ corr. Trend N. Kirtskhalia/ Leader of Movement for Fair Georgia Zurab Nogaideli criticized the monetary policy of the government. He submitted program document on his monetary policy at a news conference on Dec. 26.
Wrong policy of governing bodies caused high inflation and instability of financial sector, Nogaideli said. Political instability - presidential and parliamentary elections, August events evolved expenditure of huge currency reserves, he said.
Exchange rate of lari (Georgian national currency) to USD reduced. The devaluation of national currency will also continue in future, Nogaideli said. Significant problems are also in the financial sector, he said.
It is necessary to make changes to the monetary policy, leader of Movement for fair Georgia said.
The National Bank and Agency for Financial Control must be united, control functions over monetary policy and financial sector must be strengthened and monetary policy independent from financial policy of the government must be formed to implement effective monetary policy, he said.
"The offered monetary policy will ensure stabile and long term 8-12% growth of economy," Nogaideli said.