Monetary Policy Committee
The Monetary Policy Committee formulates and implements the monetary and exchange rate policies. The decisions are submitted, in the form of recommendations to the Governor of the NBG, who makes the final decision. The Monetary Policy Committee consists of 13 members including the governor, the two vice governors, and heads of relevant divisions and departments.
The Monetary Policy Committee meets twice per quarter according to a pre-announced schedule (in special cases unplanned committee meetings can also be called) and makes decisions on the announcement of the inflation target, monetary policy rate, and other issues that are delegated to the committee from the NBG Board. Namely, the determination monetary, foreign exchange operations and open market operations; the issuance of own securities; calculation of and adherence to the rules of minimum reserve requirements; the interest rates on NBG loans, deposits and other monetary policy operations (except for being a lender of last resort); determination of norms for minimum reserve requirements; and issues related to the usage of monetary and foreign exchange policy instruments.
Press releases on the Monetary Policy Committee’s decisions about changes to the main monetary policy (refinancing) rate are immediately published on the website of the NBG.
The National Bank of Georgia annually presents the document about the "Main Directions of Monetary and Exchange Rate Policies” developed by the Monetary Policy Committee to the Parliament of Georgia. This document includes the target inflation rate for the following three years and outlines possible measures to achieve that target.