Factors of the global economy, risks, international and local market situation:  Koba Gvenetadze, Governor of the National Bank of Georgia met with Kelly C. Degnan, the Ambassador Extraordinary and Plenipotentiary of the United States of America to Georgia, to discuss these topics.

 

The NBG Governor briefed the US Ambassador on the current economic situation in the country. He spoke about the global challenges and threats posed by the pandemic, noting that the rise in prices has affected most developing countries, including Georgia, given the high weight of food in the consumer baskets of these countries. Yet, developed countries are also facing the problem of inflation.

 

Looking at global risk factors and the current situation in international markets, the parties focused on regional and geopolitical risks that may potentially impact the Georgian economy, if worsened. It was noted that the recent Financial Stability Assessment Documents (International Monetary Fund Financial System Stability Assessment and World Bank Financial Sector Assessment Report) explicitly commended the role of National Bank of Georgia’s effective supervision and reforms in maintaining financial stability during the troubled pandemic period.

 

Further, the parties discussed the importance of strategic partnership between Georgia and the United States and the prospects for enhanced cooperation.

 

The meeting with the US Ambassador was attended by Papuna Lezhava, Vice Governor of the National Bank of Georgia, and Jean Foster, the US Embassy Political Officer.