On 28 of January a memorandum of understanding was signed between the National Bank of Georgia and National Statistics  Office over the production of statistics. The memorandum was signed by the Vice-President of the National Bank of Georgia, Archil Mestviriashvili, and Executive Director of GeoStat, Zaza Chelidze.

“Methodology for developing and treating statistical data has improved recently. The memorandum is one of the steps towards bringing the process up to the high standards,”- Archil Mestviriashvili, the Vice-President of National Bank stated. 

The memorandum was developed after the recommendations by the technical missions of the International Monetary Fund and defines the framework of cooperation in the field of statistics between the National Bank of Georgia and National Statistics Office.

By signing the aforementioned memorandum the parties agree to apply in their work the Official Fundamental Principles of Statistics developed UN Statistics Commission, Law of Georgia “On Official Statistics” and Organic Law of Georgia “On National Bank of Georgia;”

Memorandum is a basis for the parties to smoothly cooperate with the aim of exchanging data without extra formalities within the framework of authorities envisaged by the memorandum. 

Georgian Statistics system is represented by the National Statistics Office, National Bank and the Ministry of Finance who are equally responsible for production and distribution of economic and financial indices nationally and internationally within their competencies.