Georgia

The National Bank of Georgia (NBG) has embarked on an ambitious project to strengthen monetary policy implementation so that its actions in normal times are seen by the market as being both credible and predictable. As part of this work, the NBG is putting in place arrangements to provide comfort to the market that it stands ready to respond to systemic events, while being conscious of the need to structure its operations in a way so that the system’s ability to self-ensure is not undermined. It is clear that a great deal of thought and preparation has gone into this work, and also in explaining to the market the reasons for its monetary policy actions.