On December 18, 2008, the Parliament of Georgia approved the Main Directions of Monetary and Exchange Rate Policy for 2009 elaborated by the National Bank of Georgia (NBG).

According to the Constitution of Georgia, the NBG is independent in its activities. It elaborates and performs Monetary and Exchange Rate Policy according to the Main Directions defined by the Parliament of Georgia.

In his speech before Parliament, Acting President of the NBG, David Amaglobeli, mentioned that, at this stage of Georgia's economic development, the NBG defines the target annual average inflation as 9% for 2009. It is expected that for 2008 the annual average inflation rate will be 10.5%. Correspondingly, priorities elaborated by the NBG for the next year are oriented towards inflation reduction.

From 2009, the NBG will gradually move to Inflation Targeting. In order to achieve this target, the NBG will use a monetary policy transmission mechanism, which allows influencing price dynamics by changes in short-term percentage rates.  

Implementation of this monetary policy submitted to the Parliament will promote long-term, stable economic growth, which will improve the social welfare of the Georgian population.

The Main Directions of the Monetary Policy are submitted for the approval to the Parliament annually.