Parliament Speaker: banking “forms basis for economic growth, investments, prosperity” in independent Georgia

Georgian Parliament Speaker Shalva Papuashvili on Friday highlighted the role of the banking system in the country's economy, saying it was “not merely about managing money” but rather “it forms the basis for economic growth, investments and prosperity in today’s Independent Georgia”.

Speaking at an event dedicated to Banker's Day, Papuashvili noted banking was one of the “important pillars” of the economy, providing everyone “from small entrepreneurs to large enterprises, from rural farmers to urban students, with the opportunity to achieve their goals and receive aid in overcoming existing challenges”.

“Healthy banking system should be regarded as a necessary component of not only the economy but also of national security”, he pointed out.

The official emphasised “the special role of the National Bank in maintaining a stable financial environment in our country”, claiming it was “more than just a financial institution” that played “a big role in ensuring national security” and hailed the Bank for “successfully managing to preserve the stability of the [Georgian] lari” amid “current complex geopolitical situation and direct information attacks”.

“Thanks to the tireless efforts of our bankers, Georgia has become a dynamic and resilient financial centre in the region”, he said, claiming the country was “witnessing great progress in the introduction of modern banking technologies, customer service and the development of a regulatory framework”.

The Parliament Speaker further stressed the significance of bankers’ “flexibility and innovative approaches” against the backdrop of present challenges in the modern world, including the “digital transformation of financial services”.

Papuashvili also honoured prominent 19th-century public figure Ilia Chavchavadze on his birthday anniversary, who, he said, “apart from reviving Georgian national values, undertook the establishment and development of the Georgian banking sector”.

Georgian Prime Minister, attending the event, also praised the “joint efforts" of the National Bank of Georgia and commercial banks, which have contributed to the creation of the country's banking sector as "truly exemplary in the region”.