After a recent TV address of Georgian Prime Minister Irakli Garibashvili, it became known that the state’s efforts in 2014 and the coming years will be focused on the implementation of an import replacement policy. According to the prime minister: “it is a shame when imports account for 80% of the net export structure.”
I don’t believe that we need central banking, monetary policy or our national monetary unit. Without this, we can’t avoid two essential problems – politicization of the monetary politics and also its competitiveness. But by saying this I do not wish to imply that in this particular case of devaluation of the lari the central banking system was the major problem. Quite the opposite.