On January 27-28, representatives from the Bank of England held a seminar on Inflation Targeting at the National Bank of Georgia. The seminar was conducted by Gill Hammond - Director of the Center of Central Banking Studies and Ole Rummel - Event Director of the CCBS. The seminar was held within the scope of cooperation between the Bank of England and the National Bank of Georgia. Members of the Monetary Policy Committee of the NBG and other interested employees attended the seminar.

The seminar emphasized globally accepted methods of transitioning to an Inflation Targeting (IT) regime, concepts of IT regime management and theoretical and practical aspects of the subject.

It was mentioned that IT is the most modern and flexible regime for the State. It is the most efficient in reacting to internal and external market developments.

Inflation Targeting regimes were launched in the early 1990s by the world's leading central banks. Since then, many countries throughout Europe and North and South America, as well as Australia and New Zealand, have successfully implemented an IT regime. Moreover, within the region, Turkey and Armenia have been working to implement this regime for the last two years.

The National Bank of Georgia has been preparing to move towards inflation targeting for the last several years. From January 2009, the gradual shift to Inflation Targeting regime began in the NBG.