2, Sanapiro Str., Tbilisi 0114, Georgia Tel.: (995 32) 2 406 488; Fax: (995 32) 2 406 577 ANNUAL REPORT Hot line: (995 32) 2 406 406 E-mail:
[email protected]; www.nbg.ge National Bank of Georgia ANNUAL REPORT 2018 The annual publication ISSN 1512-1739 The Governor of the National Bank of Georgia Koba Gvenetadze was awarded with the Best Central Banker of 2018 Award by Global Finance CONTENTS Abbreviations ................................................................................................................8 Introduction...................................................................................................................9 1. Macroeconomic Environment.........................................................................................19 1.1 World Economy..............................................................................................20 1.2 The External Sector and Balance of Payments............................................................23 1.3 Economic Growth............................................................................................35 1.4 Inflation......................................................................................................38 2 Monetary and foreign exchange policy................................................................................45 2.1 Monetary policy.............................................................................................46 2.2 Monetary Policy Instruments...............................................................................54