Koba Gvenetadze: The actions of the National Bank were timely and adequate, both before the pandemic and during the pandemic

The actions of the National Bank were timely and adequate, both before the pandemic and during the pandemic, - said the President of the National Bank Koba Gvenetadze during the presentation of the 2020 report at the sitting of the Parliamentary Committee on Finance and Budget.

According to him, the main task of the National Bank is to promote a stable macroeconomic environment by supporting prices and financial sector stability in the medium term.

"Even in 2020, the timely actions of the National Bank and the policy pursued, against the background of the unprecedented shock, played an essential role in mitigating the negative impact of the pandemic on the economy. Adequate, timely policy pursued by the National Bank during the pandemic was one of the 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.

The situation created by the epidemic is particularly difficult and extraordinary. The recovery of the economy and the normalization of the situation will largely depend on the length of the pandemic in Georgia and globally. During the macro-economically very difficult 2020, the actions of the National Bank of Georgia were timely and adequate, both before the pandemic and during the pandemic. This is confirmed by a number of authoritative international organizations - rating agencies, International Monetary Fund, World Bank, Asian Development Bank, European Bank for Reconstruction and Development and others’, said Koba Gvenetadze.