Acting National Bank President, commercial banks to cooperate for “more effective credit activity”, increased finance access

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.

Our goal is more resources to be invested in the economy and to have more effective credit activity. This is very important for our population, for increasing access to finance for bank customers and for their employment. Everything should be done with ensuring price stability at the same time”, Turnava said.

Photo: NBG

Soso Pkhakadze, the President of the Business Association of Georgia, said an agreement for “several regulations” was achieved at the meeting between the sides. 

I think in the end it will be very good. First, because it will further strengthen the banking and financial system. Second, more funds will be available for business and ultimately, this will help the economy grow”, Pkhakhadze said.

Photo: NBG

Vakhtang Butskhrikidze, the CEO of TBC Bank, highlighted three particular topics reviewed at the discussion.

The first is the ‘larisation’, which is important not only for the banking sector, but also for the economy as a whole. The second issue is related to the financial sector - what regulations may be introduced for the banking sector, both in the short term and in the long term. And thirdly, and perhaps most importantly, how can the financial sector become more credit active in the medium term in 2024”, he said.

Beka Gogichaishvili, the General Director of Liberty Bank, called the meeting “very fruitful” and said having similar discussions “more often would yield very good results”.