Boxes of Monetary Policy Reports

    2021

     

    Quarter 2

    • The importance of tourism for the Georgian economy
    • Temporary shocks to inflation and the optimal monetary policy response

    Quarter 1

    • Evaluation of inflation target fulfillment and an assessment of the 2020 forecasts

     

    2020

     

    Quarter 4

    • The Global Economic Outlook Under The Pandemic

    Quarter 3

    • The Impact Of COVID-19 On The Georgian Economy And Forecast Assumptions
    • Further Steps To Reform The Exchange Market

    Quarter 2

    • Extraordinary Measures of National Bank of Georgia Regarding Covid-19
    • The Impact of Covid-19 on Georgian Economy
    • Bloomberg's BMATCH Platform and the National Bank's Foreign Exchange Interventions

    Quarter 1

    • The Relationship Between Inflation And The Exchange Rate (Examples of 2018 and 2019)
    • Evaluation Of Inflation Target Fulfillment And An Assessment Of the 2019 Forecasts

     

    2019

     

    Quarter 4

    • Georgia's sovereign credit rating
    • Estimation of inflation volatility at different periods in Georgia

    Quarter 3

    •  The Impact of Russian Sanctions on the Georgian Economy

    Quarter 2

    • Exogenous Factors influencing inflation
    • Alternative Source of Finance

    Quarter 1

    • Evaluation of inflation target fulfillment and an assessment of the 2018 forecast
    • Foreign exchange option auction
    • BI-modern platform for data visualization and analysis

     

    2018

     

    Quarter 4

    • Change in prices of different groups of the consumer basket in 2009-2018
    • The problem of foreign currency indebtedness in Hungary

     

    Quarter 3

    • The accuracy of the NBG's inflation forecasts
    • Reserve requirements

     

    Quarter 2

    • The Impact of Oil Prices in International Market on Petrol Prices in Georgia
    • Open market operations

     

    Quarter 1

    • Evaluation of inflation target fulfillment and assessment of 2017 forecasts
    • FX policy reform in Georgia

     

    2017

     

    Quarter 4

    • Determining the optimal inflation target
    • Net interest rate spread
    • Tourism revenues in Georgia and other countries

    Quarter 3

    • International Monetary Fund program

    Quarter 2

    • Potential output estimation using alternative approaches
    • Assessing reserve adequacy

    Quarter 1

    • Inflation Target Achievement and assessment of 2016 Forecasts
    • One month open market operations
    • Program of the larization of loan

     

    2016

     

    Quarter 4

    • Monetary policy rate path
    • External debt DSA for Georgia

     

    Quarter 3

    • Changes in real exports and imports
    • Potential output growth decomposition for the Georgian economy

     

    Quarter 2

    • Impact of foreign shocks on the current account balance

     

    Quarter 1

    • Inflation Target Achievement and the Performance of 2015 Forecasts
    • Core inflation
    • SebStat - A new statistical information system

      

    2015

     

    Quarter 4

    • Indicative yield curve of the Georgian lari

    Quarter 3

    • The optimal inflation level in Georgia
    • Dynamics of money market interest rates

    Quarter 2

    • Refinancing loans
    • Causes of the reduction of external revenues

    Quarter 1

    • Inflation target achievement and forecast performance
    • Reasons behind exchange rate fluctuations
    • Estimation of the optimal level of international reserves

                   

    2014

     

    Quarter 4

    • Trends in the Real Estate Market

     Quarter 3

    • Import-weighted Nominal Effective Exchange Rate
    • Real Effective Exchange Rate and Productivity
    • Compilation of the Balance of Payments with a New Methodology

    Quarter 2

    • Larization
    • Assessment of the Structure of total Financial Sector Assets

     Quarter 1

    • Inflation Target Achievement and the Forecast Performance
    • Changes in Consumer Basket

     

    2013

     

    Quarter 4

    • The Main Directions of Monetary Policy
    • Total Factor Productivity Estimation for the Georgian Economy

     

    Quarter 2

    • Collateral base of the National Bank of Georgia
    • Futures contracts

     

    Quarter 1

    • Forecasting and Policy Analysis System (FPAS)
    • Monetary Policy Strategy

     

    2012

     

    Quarter 3

    • Certificates of Deposit of Commercial Banks
    • Law of Georgia on payment systems and payment services
    • Estimating the capacity utilization and determining the potential output for the economy of Georgia

    Quarter 2

    • Government Securities
    • Cash Center
    • Export and Import Price Indices

    Quarter 1

    • Financial Soundness Indicators (FSI)
    • IMF’S new loan programs (SBA AND SCF)

     

    2011

     

    Quarter 4

    • Methodological changes in calculation of the Consumer Price Index
    • Credit ratings
    • Quality Assessment of statistical activities in Georgia

    Quarter 3

    • Minimum reserve requirements
    • Savings dynamics in Georgia

    Quarter 2

    • New Keynesian model for Georgian economy
    • International reserve management system (WSS)
    • Issuing of 10 year Eurobonds

     Quarter 1

    • Official international reserves
    • Purchasing power parity
    • International Monetary Fund's Program

     

    2010

     

    Quarter 4

    • Food share in the consumption basket and inflation
    • New Real Time Gross Settlement (RTGS) System
    • Macroprudential policy tightening
    • 2011 Index of Economic Freedom

    Quarter 3

    • Repo operations
    • Monetary policy rate
    • Required reserves - monetary policy instrument

    Quarter 2

    • Data dissemination initiatives and Georgia's participation
    • Monetary representation of Balance of Payments
    • External trade statistics with goods versus external trade with goods in Balance of Payments
    • External debt sustainability analysis

    Quarter 1

    • New instruments of monetary policy
    • Dynamics of final consumption in 2008-2009
    • Amendments to the Organic Law of Georgia "On the National Bank of Georgia"

     

    2009

     

    Quarter 4

    • Tendencies in use of plastic cards
    • Government securities

    Quarter 3

    • Survey of commercial banks' managers
    • Special Drawing Rights
    • Determination of the shadow economy level by Cash Demand Model

    Quarter 2

    • Introduction of FX Swaps
    • The First Tbilisi International Conference

    Quarter 1

    • World Economic Outlook
    • International Transactions Reporting System (ITRS)

     

    2008

     

    Quarter 4

    • World crisis and its consequences
    • Exchange rate regimes
    • Exchange rate adjustment in November 2008
    • Balance of Payments. 2008-2009
    • Inflation Targeting

    Quarter 3

    • Effect of world prices on the local market
    • The Lari Effective Exchange rate
    • Foreign Exchange Value of the US Dollar 

    Quarter 2

    • Inflation in Georgia and its neighboring countries
    • Mortgage crisis in the USA
    • Scale of Money Remittances to Georgia 

    Quarter 1

    • Monetary policy decisions
    • Survey of commercial banks' managers
    • Amendments to the Organic Law on the National Bank 

     

    2007

     

    Quarter 4

    • The impact of the Balance of Payments on the exchange rate and exchange rate fluctuations' impact on Inflation
    • Principal Components Method

    Quarter 3

    • Oil impact on world prices
    • Are operating loss a problem for the National Banks?
    • Balance of Payments

    Quarter 2

    • Measuring Prices By Scanner Data
    • Required reserves
    • Optimal monetary and fiscal policy under large financial inflows

    Quarter 1

    • Georgian Macroeconomic Model

     

    2006

     

    Quarter 4

    • Monetary Policy in Q4 2006
    • NBG monetary instruments
    • „Dutch Disease"
    • Investments inflow in Georgia
    • Results of the survey of managers of commercial banks

    Quarter 3

    • Deposit insurance
    • Impact of Russian embargo on the key indicators of Georgian economy
    • Results of surveys of commercial bank managers

    Quarter 2

    • Influence of exchange rate on inflation in Georgia
    • Results of surveys of commercial bank managers

    Quarter 1

    • The reasons for the price increase on sugar on Georgian and world markets
    • Measurement of inflation
    • Inflation indicator and its perception
    • Impact of seasonal factors on the interest rates
    • Inflation forecast model