Georgian central bank joins forces with EBRD to support coronavirus-hit firms
The EBRD and NBG have set up a US-GEL foreign exchange swap facility, enabling the EBRD to secure reliable access to GEL liquidity and continue lending in local currency to firms that are experiencing temporary difficulties. Photo: Nino Alavidze/Agenda.ge.
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The European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia (NBG) are increasing the availability of the Georgian national currency, the lari (GEL), to private companies in a joint move to support businesses suffering from the impact of the coronavirus pandemic, announces the EBRD.
The EBRD and NBG have set up a US-GEL foreign exchange swap facility, enabling the EBRD to secure reliable access to GEL liquidity and continue lending in local currency to firms that are experiencing temporary difficulties. The banks executed the first transaction on 24 April 2020.
The foreign exchange swap line also supports the management of NBG’s foreign exchange reserves with additional US dollar liquidity, which the central bank can draw on when needed.
The International Monetary Fund (IMF) is working with the Georgian authorities to provide 'additional financing' to contain the spread of the coronavirus and support the Georgian people and economy, announced the Mission Chief for Georgia at the International Monetary Fund (IMF) Mercedes Vera-Martin in a statement published on March 30.
The World Bank is offering €45 million to support Georgia implement ongoing reforms in areas critical for inclusive economic growth and also assist in the country’s efforts to mitigate the economic impact of the COVID-19 pandemic.
The European Union, Asian Development Bank, the European Bank for Reconstruction and Development, European Investment Bank, German Development Fund, French Development Agency will support the Georgian economy with $1.5 billion by the end of 2020, announced Georgian Prime Minister Giorgi Gakharia today.
The European Bank for Reconstruction and Development (EBRD) is pledging financing to help firms in Georgia deal with the impact of the coronavirus outbreak, announces the EBRD.
The Georgian Football Federation will receive €4.3 million from UEFA to overcome the financial impact caused by the coronavirus pandemic. In addition to Georgia UEFA is helping all its 55 member associations. For this reason UEFA has allocated €236.5 million which will be distributed to the national associations to cover running costs and to help develop targeted areas of domestic football.
The National Bank of Georgia (NBG) has begun relaxing monetary policy and cut the refinancing rate by 0.50 percentage points to 8.5 per cent, announces the NBG. The NBG explains that amid the Covid-19 pandemic and the sharp decline in international oil prices, economic uncertainty in the world remains high.
The World Bank will provide $80 million to Georgia under the Fast Track COVID-19 Facility to mitigate the health and social impacts of the COVID-19 pandemic, announces the World Bank.
Georgia's COVID-19 crisis management is among factors creating a promising investment climate for the country in the wake of the pandemic, Catarina Bjorlin Hansen, Caucasus Regional Director for the European Bank for Reconstruction and Development, said on Saturday.
In order to provide more transparency, increase competition and liquidity in the foreign exchange market the National Bank of Georgia is carrying out a reform that will come into force in October 1, 2020.
In order to ensure financial stability the National Bank of Georgia (NBG) is taking actions to promote the development of new technologies and innovative approaches in the financial sector.
The European Bank for Reconstruction and Development (EBRD) is providing a €5 million loan to improve public transport and services in the Georgian popular ski resort of Bakuriani.
A strong customer authentication rule and a new regulation on card-based instruments that will contribute to reducing fraud and secure the rights of customers will come into force this month, announces the National Bank of Georgia (NBG).
The International Monetary Fund has praised the measures adopted by the National Bank of Georgia (NBG) in the past two years aiming to strengthen the non-banking sector’s financial regulation, supervision and oversight in Georgia.
The COVID-19 pandemic’s health impact has been well-contained, but it has had a significant impact on economic activity, reads the statement of the mission Chief for Georgia at the International Monetary Fund (IMF) Mercedes Vera-Martin.