Georgia launches a regular press conference

The National Bank of Georgia has rolled out a new communications strategy, bringing its policy communications toolkit into line with central banking best practice.

New NBG Governor Koba Gvenetadze, speaking at the first-ever regular press conference, following policymakers' decision to cut interest rates by half a percentage point:

"Let me introduce one of the important decisions of the National Bank related to the new communication strategy of the monetary policy. In general, the National Bank of Georgia is quite open and transparent institution. All interested persons are able to get necessary information from the NBG’s web-site. The new initiative considers that the NBG moves to the active and dynamic phase which means the regular briefings to be held four times per year, after the Monetary Policy Committee meetings. During briefings, apart from the detailed explanation of the reasons of the committee’s decision we will answer all questions concerning the monetary policy of the National Bank of Georgia, its instruments or decisions. The schedule of briefings will be known in advance, it will be published on our web-site and the media will know a briefing’s exact date and time."

At a January roundtable organized at Vienna's JVI by the International Monetary Fund for central bank policymakers and key experts from the countries of Caucasus and Central Asia, I had made a case in favour of more open policy communication, particularly about risks and uncertainties and on what central banks can and cannot do.

Glad to see the NBG moving resolutely in that direction, towards more proactive communications with the public.