The main goal of monetary policy during the pandemic, as well as now with the new challenges posed by the energy crisis and the war in Ukraine, is to maintain macroeconomic stability, National Bank Governor Anita Angelovska Bezhoska said at the Euromoney’s annual event Central and Eastern European Forum, writes MIA.
Governor Angelovska Bezhoska addressed the panel discussion titled “Rethinking the role of central bankers” which also included Governor of the National Bank of Georgia Koba Gvenetadze, Vojtech Benda, member of the Bank Board of the Czech National Bank, Governor of Bank of Albania Gent Sejko, Governor of Croatian National Bank Boris Vujčić, and Mihály Patai Deputy Governor of Central Bank of Hungary.
“To maintain stability, at a time when economic activity was significantly slower and financial markets tight, easing monetary policy contributed to overcoming the liquidity shock. We enter the crisis with sound foundations, higher foreign exchange reserves and there were no major financial outflows and capital outflows and we also get access to repo line arrangement with the European Central Bank,” National Bank said in a press release.
Although price pressures came from the supply side through rising commodity prices in international markets, due to the widening effect on other prices and rising inflation expectations, central banks began to normalize policies. The goal is to contribute to reducing inflation expectations and stabilizing pressures, said the Governor.
The Central and Eastern European Forum brought global panels built out of prominent and influential speakers including; regional Finance Ministers, Central Bank Governors, CEE banking leads and sustainability experts in the CEE region.
