Georgia’s central bank guarantees better secured services
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The National Bank of Georgia (NBG) is making further changes in its regulations, guaranteeing better secured services for the customers.
From now on the commercial banks in Georgia will be able to offer the customers secured service - an escrow.
An escrow is an instrument that reduces the risk and secure the buying-selling transaction.
When opening or using the Escrow Account, the following rules should be taken into account:
- The operations must be done in Georgian national currency lari when getting the escrow service;
- The service should be related to the operations such as buying or selling real estate, share of business/company or financial instruments;
- For the customer the duration of the secured escrow service should not exceed over six months.
The amendments were made today in the ‘instructions on opening accounts in banking institutions’ following the order by the president of the NBG.
A total of 5,617 loans worth of up to $80 million have been converted into the Georgian national currency, the lari, within the Program on the Larisation of Loans.
Georgia is taking actions to strengthen confidence in relationships between payment service providers and the customers and ensure the financial transactions are quick, safe and reliable for them.
The National Bank of Georgia has introduced a calculator for loan conversion to the national Georgian currency, the lari, in order to support the Larisation of Loans Program.
New rules has come into play for currency exchange street vendors in Georgia to ensure customers are better protected from currency-related manipulations.
Liberty Bank, the third largest bank in Georgia by total assets, has announced a change of control - 74.64 percent of equity interest in the Bank has been purchased by the European Financial Group.
The National Bank of Georgia (NBG) was praised for its use of stress test tools in the latest report of Basel Committee on Banking Supervision titled ‘Supervisory and bank stress testing: range of practices’, which sets out a range of observed supervisory and bank stress testing practices.
The National Bank of Georgia has ratified a new rule for the registration and regulation of currency exchange offices to protect customers’ interests.
New regulations on responsible lending practice set by the National Bank of Georgia (BOG) for commercial banks are coming into force today. The regulations aim to protect consumer rights and bolster healthy credit portfolios at commercial banks.
The Ministry of Finance’s Investigative Service has detained three men for using counterfeit currency in East Georgia today.