Governor Gvenetadze Discusses Actions to Mitigate Impact of Pandemic at a Scientific Conference
Koba Gvenetadze, Governor of the National Bank of Georgia participated in the annual scientific conference, organized by the National Bank of Ukraine and the National Bank of Poland. Attended by representatives of 30 countries, this year's event focused on the policy framework for a fast-changing world.
Central bank economists, academics, representatives of international financial institutions and research centers discussed the effectiveness and tools of traditional policy-making strategies.
The economic activity was hampered alongside pandemic-related restrictions, inducing the crisis in developed, growing and emerging economies, said Koba Gvenetadze, Governor of the National Bank of Georgia, in his speech. Further, Governor Gvenetadze spoke about the challenges faced by monetary policy makers in balancing the objectives of prices, financial stability and economic growth. Stressing the importance of ensuring price stability, Governor mentioned the factors that complicate the fulfillment of these tasks. He went over the challenges posed by high dollarization for monetary policy makers in small, open economies, and pointed out other macroeconomic risks associated with high dollarization. "The efforts to encourage de-dollarization remains on the agenda, serving to mitigate the adverse impact of external shocks on the economy", Governor Gvenetadze said.
A series of online lectures was held for students of top Ukrainian universities, as part of the conference event. Archil Mestvirishvili, Vice-Governor of the National Bank, delivered a lecture on anti-crisis policy of central banks. Archil Mestvirishvili informed the students about the monetary policy framework of the National Bank and spoke about the challenges posed by Covid-19 and the special actions taken by the National Bank of Georgia. Students of different universities of Georgia also attended the lecture at the invitation of the National Bank.