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National Bank of Georgia Switches to the New Model of Monetary Policy Communication

Published: May 8, 2013 | 4:06 pm
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National Bank of Georgia (NBG) switches to the new model of monetary policy communication. Giorgi Kadagidze, President of NBG announced the news during May 8 briefing. In his words, the project is part of the IMF program.

On May 8, 2013 national committee of NBG made a decision to reduce refinance rate by 25 points to 4.25 percent. Kadagidze spoke about the economic growth reduction tendencies and presumed that 6-percent growth indicator will be cut down.

“GeoStat has published 1st Q, 2013 results. We also have April preliminary data. Unfortunately, looking at the complete picture, we cannot expect 6-percent economic growth. One of the reasons could be the lowered volume of FDI, also internal economic factors. Here I mean that local businesses remain on hold and still work in a waiting regime. NBG works with the government on a daily basis, we share information and do relative analysis. We hope the situation will take a positive turn by the second half of the year,” stayed the President of NBG.

According to Kadagidze, in the coming days IMF mission will visit NBG to discuss macroeconomic data and 2013 economic growth forecast reduction possibility together.

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