BAKU, Azerbaijan, Dec. 11
By Maryana Akhmedova – Trend:
Tightening monetary policy during the COVID-19 pandemic is a big challenge, as it further reduces the solvency of borrowers, the President of the National Bank of Georgia Koba Gvenetadze said at the Fifth Istanbul Economic Summit, Trend reports via the press service of the National Bank.
Gvenetadze spoke about the processes caused by the pandemic in the economy, the global high inflation environment, the challenges of the banking sector, the role of central banks in achieving macroeconomic stability, as well as central banks' environmental and sustainable development policies.
“As a result of the development of the Interim Climate Change Plan, the world recognized that climate change is a source of financial risk and that its mitigation is fully in line with the central bank's financial stability goals. In the direction of elaboration,” Gvenetadze said.
The President of the National Bank of Georgia also spoke about cooperation between Georgia and Turkey. Koba Gvenetadze stressed the importance of strategic partnership with Turkey in his speech.
“Turkey is a natural bridge between East and West and plays an important role for Georgia and the countries of the region in economic terms,” Gvenetadze said.
The participants of the Fifth Istanbul Economic Summit also discussed the importance of a green economy and sustainable financing and the ways of its development.
The Istanbul Summit was attended by senior officials from the World Bank and the European Bank for Reconstruction and Development, as well as the ministers of the economy from several countries, and the private sector.
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