National Bank of Georgia highlights US State Department’s “positive” evaluation of body’s work
The document said the NBG regulated the securities market, with all market participants submitting their reports in line with international standards. It noted listed companies were required to make public filings uploaded to the Bank’s website, allowing investors to evaluate a company’s financial standing. Photo: Agenda.ge/Nino Alavidze.
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The National Bank of Georgia on Thursday said its work had been evaluated “positively” in a report on Georgia’s investment environment by the United States Department of State’s.
The report reviewed the 2024 Investment Climate Statements on Georgia, the economic situation of the country and conducted monetary and fiscal policy, emphasising the policy as being focused on a low deficit, low inflation and a floating exchange rate.
The document said the NBG regulated the securities market, with all market participants submitting their reports in line with international standards. It noted listed companies were required to make public filings uploaded to the Bank’s website, allowing investors to evaluate a company’s financial standing.
“Banking is one of the fastest-growing sectors in the Georgian economy. The financial sector maintains solid capital and liquidity buffers against potential threats. The share of non-performing loans is declining. Georgia’s banking supervision practices and regulations have significantly progressed and are largely in line with Basel/EU directives”,the report said.
The Department noted the Bank supervised the financial sector to “facilitate financial stability and transparency” and protect the rights of the sector’s consumers and investors. It added the body was a supervisory authority for financial institutions in terms of undertaking measures against money laundering and terrorism financing.
The document also pointed out the NBG had established a new unit for “proper and efficient monitoring” of financial intuitions’ compliance with international sanctions. It noted the unit was responsible for elaboration of methodological guidelines for financial intuitions on compliance and assisted representatives of the financial sector in understanding and fulfilling requirements involved in sanctions.
It also said compliance with international financial sanctions was being “systematically checked” during onsite inspections of financial institutions.