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Governor Talks: Central Banking in a Changing World: Perspectives from the National Bank of Georgia

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Location: G-09

Governor Talks: South Korea
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Key Points

Preemptive monetary policy actions help preserve credibility and anchor inflation expectations. In an environment of repeated external shocks, the National Bank of Georgia assesses whether price pressures are temporary or risk spreading into domestic inflation. This supported its decision to raise the policy rate by 0.25 percentage points in May 2026.

A broad indicator set helps assess underlying inflation. Alongside headline and core inflation, the central bank monitors services inflation and flexible and sticky-price components. Together, these indicators help distinguish external price movements from persistent domestic pressures.

Scenario-based communication strengthens transparency. Instead of relying on a single baseline, the central bank publishes one central and two alternative scenarios, explaining how policy would respond if different risks materialized. This also helps communicate why a relatively tight stance may be needed even when current inflation is low.

Central bank independence must be both formal and effective. Legal and institutional safeguards need to be reinforced by a demonstrated ability to take timely, credible, and sometimes unpopular decisions.

Trust is the foundation of lasting dedollarization and deeper financial markets. Administrative measures can help reduce foreign-currency borrowing, but durable progress depends on confidence in macroeconomic stability, economic resilience, and the domestic currency.

Quotes

“The major challenge is how to maintain our credibility and contain inflation expectations in such an uncertain environment. That requires very credible, very clear policy action.” Natia Turnava

“Central bank independence has two important dimensions that are working together and complementary: first, formal independence and, second, effective independence. […] Effective independence is the ability to demonstrate that you could consistently deliver on your mandate notwithstanding conjuncture, possible pressures, and that you could make timely, prompt, credible, sometimes unpopular decisions.” Natia Turnava

“The major game changer [for dedollarization] is increased trust in macroeconomic stability, in the resilience of the economy, and in the assets denominated in national currency.” Natia Turnava

Contributor: Rodolfo Dall’Orto

Overview

Central banks are operating in an increasingly complex environment shaped by rapid technological change, heightened global uncertainty, and evolving financial systems. These developments are creating new opportunities while requiring policymakers to continually adapt their policy frameworks and operational tools to preserve macroeconomic and financial stability. In this Governor Talks session, Natia Turnava, Governor of the National Bank of Georgia, will share her perspectives on the evolving role of central banks in navigating an increasingly complex global environment. Drawing on Georgia's experience, the discussion may touch on a range of issues, including monetary and financial stability, financial innovation, digital finance, payment systems, and the implications of evolving patterns of global and regional economic integration. The conversation will provide an opportunity to reflect on how central banks are adapting to a rapidly changing environment while supporting sustainable economic development.

Panelists

Natia Turnava

Governor of the National Bank of Georgia

 

Natia Turnava has been the Chair of the Board and the Governor of the National Bank of Georgia since February 2025. She has been a member of the NBG Board since June 2022. She served as the First Vice-Governor and Acting Governor of the National Bank of Georgia from June 2023 to February 2025. Prior to joining the NBG Board, in 2019-2022 Natia Turnava held the position of Minister of Economy and Sustainable Development of Georgia, having been a Deputy Minister in 2018-2019. Prior to that, she was the Deputy Executive Director of the Partnership Fund for five years. In 2006-2013, Natia Turnava was a member of the Board of Directors of Georgian Industrial Group (GIG), Ltd; General Director and a Chairperson of the Board of Directors of Georgian International Energy Corporation Ltd. Earlier, in 2000-2005, she served as the First Deputy Minister of Economy of Georgia. An economist by profession, she holds a Ph.D. in economics. She also earned her Master’s degree in Business Administration from the University of Cumbria, Great Britain, in 2014. Throughout her career, she has served as a lecturer at several higher education institutions.

 

Natia Turnava

 

 

Jihad Azour (Moderator)

Director of the Middle East and Central Asia Department, IMF

 

Mr. Jihad Azour is the Director of the Middle East and Central Asia Department at the International Monetary Fund where he oversees the Fund’s work in the Middle East, North Africa, Central Asia and Caucasus. Mr. Azour served as Lebanon’s Finance Minister in 2005-08, during which time he coordinated the implementation of important reforms, including modernizing the country’s tax and customs systems. Before and since his time as finance minister, he held a wide range of positions in the private sector, including McKinsey and Booz and Co. where he was a Vice-President and Senior Executive Advisor. Prior to joining the IMF in March 2017, he was a Managing Partner at investment firm Inventis Partners. Mr. Azour holds a PhD in International Finance and a post-graduate degree in International Economics and Finance, both from the Institut d'Etudes Politiques de Paris. He also did research on emerging economies and their integration into the global economy as a post-doctoral fellow at Harvard. Mr. Azour has published several books and articles on economic and financial issues and taught extensively.

Jihad Azour (Moderator)