Acting National Bank President reviews current situation, future plans with Business Association, banking sector

Natia Turnava, the Acting President of the National Bank of Georgia and the representatives of the country’s banking sector and the Business Association of Georgia on Wednesday reviewed the current situation in the banking sector and discussed the future plans, which will create an additional impetus to the economy.

At the meeting, the sides once again emphasised that the Georgian financial system was and would continue to be loyal to the international sanctions.

• Acting National Bank President: NBG, domestic financial system “loyal” to int’l sanctions

The banking sector and the National Bank, as always, are cooperating very closely, we have a common vision and a common goal. We are committed to our international obligations”, Turnava said, stressing the rapid growth of the economy was an overall goal for the sector and the NBG.

Archil Gachechiladze, the Executive Director of the Bank of Georgia, said the regulations, which would promote economic activity in the country, had been discussed at “a very interesting meeting” with the central bank and noted he was “optimistic” about such a working process.

• NBG in “constant communication” with commercial banks to ensure implementation of new regulation in line with both sides’ international obligations - Acting President

After the working meeting with the Acting Head of the National Bank, George Tkhelidze, the Deputy CEO of TBC Bank said around six projects had been reviewed, adding the banking sector and the NBG would “agree on certain” issues in the coming weeks to be presented to the market.

Our task is to further strengthen the banking and financial system, which is strong and outstanding in the region. [...] A strong economy should be created by business. This is our final goal, that we all achieve it together", Soso Pkhakadze, the President of the Business Association noted.

He added the Business Association, which represents “almost all economy sectors”, had frequent communication with the regulator - NBG and noted it served to strengthen the country, business development and economy.