EBRD Treasurer: Georgia sets “top-class” example for achievement in market development

Axel van Nederveen, the Treasurer of the European Bank for Reconstruction and Development, on Tuesday commended Georgia’s achievements while presenting an analysis by his body and the National Bank of Georgia of the domestic financial market development over the past decade.

What Georgia has done as a small country with an open economy is top-class. The success story of the country’s market development highlights several key messages for other markets wishing to develop local currency financial markets”, he said.

The document provides an analysis of the EBRD’s involvement, along with that of the National Bank and local financial institutions, in shaping Georgia’s financial landscape. 

It primarily focuses on enhancement of the role of the Georgian national currency in the local economy and establishment of tools and infrastructure for “sustainable and healthy financing” of the real economy.

Natia Turnava, the Acting Governor of the National Bank, said the analysis emphasised the country’s standing as an “interesting example” of a small country with an open economy and financial sector, demonstrating “success despite various challenges”.

Natia Turnava, the Acting Governor of the NBG. Photo: NBG

She welcomed the EBRD choosing the country as a “model for successful market development reforms”.

Turnava also highlighted the “strong” partnership between the EBRD and the National Bank, particularly in the development of financial markets. She stressed joint plans for capital market development and ongoing cooperation to diversify the financial market and its products. 

The Acting Governor also noted the EBRD's support for de-dollarisation and its commitment to strengthening the national currency through various financial instruments.