National Bank of Georgia - Annual Report 2004

According to the National Bank of Georgia's Annual Report 2004, the high inflationary pressure in the reporting period was unprecedented both from aggregate demand and aggregate supply sides.

In addition, the scale of the impact of some factors turned out to be much higher then projected. Restriction of smuggling, tightening of tax administration, rise of international oil prices, and lack of crops in agriculture resulted in the increased prices for goods and services. Extremely increased public

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