National Bank Acting President reviews investment plans with Pension Agency
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday met the members of the Investment Council of the country's Pension Agency. Photo: NBG
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Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday met the members of the Investment Council of the country's Pension Agency to review revisions in the legislation on cumulative pension and investment plans.
It was an ordinary working meeting where we talked about the ongoing reforms, existing progress and challenges. The National Bank, as the supervisor of the investment activities of the Pension Agency, periodically receives information from the members of the Council”, Turnava said.
She added the meeting discussed how the NBG could help the Council improve the investment activities of the Agency and make supervision more effective.
The Pension Agency of Georgia has estimated the net asset value of the country’s pension fund at ₾2.97 billion ($1.1 bln).
Georgian Prime Minister Irakli Garibashvili said pensions for pensioners aged 70 years and older would increase by ₾50 ($18.62) and become ₾415 ($154.58), while for pensioners under 70 it would be raised by ₾20 ($7.45) and reach ₾315 ($117.33).
Georgia’s Pension Agency will invest savings from the pension system in shares of major international companies including Apple, Google and Toyota, Chief Investment Officer Goga Melikidze revealed on Friday.
The upper limit for interest rates on pension-backed loan payments is decreasing across Georgia following a campaign by the Citizens political party.
The Pension Agency of Georgia on Thursday said it had successfully obtained the ISO 27001 certificate, which confirms the organisation had been audited and their “effective” information security management system has been confirmed to be in accordance with the requirements of international standards.
Natia Turnava, the Acting President of the National Bank of Georgia, on Friday met representatives from local commercial banks to discuss cooperation for ensuring more resource investment in the domestic economy and ensuring access to finance for bank customers.
The National Bank’s regulations for the financing of the development sector were reviewed on Saturday by Natia Turnava, the Acting President of the National Bank of Georgia and the representatives of local commercial banks and the Business Association of Georgia.
Natia Turnava, the Acting Governor of the National Bank of Georgia, will join managers of the International Monetary Fund and the World Bank as well as economic teams from more than 200 countries to participate in the annual meetings in Marrakesh, Morocco between Wednesday and Saturday.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday met Bo Li, the Deputy Managing Director of the International Monetary Fund, to work on resumption of the suspended IMF-supported Stand-By Arrangement with Georgia.
The Pension Agency of Georgia on Monday said assets in its fund were worth ₾4.027 billion ($1.49bln), while net assets amounted to 708 million ($262.73mln).
Advertising of loans secured by pensions is now banned in Georgia without individual consent of pensioners, the National Bank announced on Wednesday.
More than 150,000 pensioners will see a reduction in their loan interest rates, following a decision reached during a meeting on Thursday between Georgian Prime Minister Irakli Kobakhidze, Natia Turnava, the Acting Governor of the National Bank of Georgia and the Chief Executive Officer of the Liberty Bank Beka Gogichaishvili.