The National Bank of Georgia reported that Governor Natia Turnava participated in an IMF–World Bank Spring Meetings roundtable for central bank governors and discussed how monetary policy can manage macroeconomic and financial stability risks during regional conflict. Turnava highlighted that, from early 2025, the National Bank of Georgia has formally moved to a risk management approach in setting monetary policy, using alternative risk scenarios alongside the central projection to inform decisions and communication. In her remarks, she stressed that prudent and consistent economic policy and strong fundamentals help economies withstand external shocks, and that credible price stability policy can reduce the risk of shocks turning into persistent inflation. She also noted that elevated uncertainty and more frequent supply-side inflation shocks have made forward-looking policy decisions harder, increasing the importance of systematic risk assessment and transparent communication about how policy would respond under different scenarios. The session focused on “Managing Macroeconomic and Financial Stability Risks during a Regional Conflict” and was opened by Jihad Azour, Director of the International Monetary Fund’s Middle East and Central Asia Department.
National Bank of Georgia 2026-04-18
National Bank of Georgia Governor highlights shift to a risk management monetary policy framework at IMF–World Bank Spring Meetings
The National Bank of Georgia reported that Governor Natia Turnava participated in an IMF–World Bank Spring Meetings roundtable on managing macroeconomic and financial stability risks during regional conflict. She noted that from early 2025 the National Bank of Georgia has adopted a risk management approach to monetary policy, using alternative risk scenarios alongside the central projection to guide decisions, and underscored the importance of prudent policy, strong fundamentals, systematic risk assessment and transparent communication amid elevated uncertainty and supply-side inflation shocks.