Natia Turnava Meets with Paul Hilbers, Executive Director of IMF

Acting Governor of the National Bank of Georgia Natia Turnava and Minister of Finance Lasha Khutsishvili met with IMF Executive Director Paul Hilbers on April 18, 2024, as part of the annual meetings of the International Monetary Fund and the World Bank.

The discussion highlighted the factors contributing to Georgia's high economic growth and the positive outcomes of the country's economic policy. They emphasized the development of financial markets, financial sector stability, and regional expansion.

Natia Turnava also addressed the steps taken towards price stability, noting that inflation remains below the target level. She mentioned that despite a moderate increase in imports, the foreign sector balance remains sustainable, fueled by export growth, particularly in the IT and service sectors.

"We're maintaining stability in the foreign exchange market, enabling us to continue accumulating reserves. While the National Bank of Georgia is gradually easing its monetary policy, we carefully analyze new data and consider underlying risks," stated Natia Turnava.

The meeting also discussed efforts to reduce dollarization, including the decision to raise the foreign currency loan limit to 400 thousand GEL for unhedged borrowers.

The meeting was attended by NBG Vice Governors Ekaterine Mikabadze and Ekaterine Galdava, the head of the Financial Markets Department Giorgi Laliashvili, and deputy ministers Ekaterine Guntsadze and Mirza Gelashvili from the Ministry of Finance, and Deputy Minister of Economy and Sustainable Development Vakhtang Tsintsadze.