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Giorgi Khishtovani

Commercial Banks May Take Control over Capital Market Reformation in Georgia

There are risks that commercial banks may monopolize the process of reforming the Georgian capital market, PMCG director Giorgi Khishtovani told BM.GE

National Bank of Georgia (NBG) is to take efficient steps for the process regulation, he said.

“It is interesting whether we manage to ensure free space for international players on Georgian capital market so as the space not be monopolized bu only Georgia-based commercial banks.

Today, the banking sector has been developed perfectly and I understand their active involvement in this process. However, their activity should not push the process to an unfavorable flow. The National Bank is to perform a special role, as a supervisory instance. The NBG is to care that commercial banks not monopolize the process and the banking sector’s interest not damage the greater objective. Today, there are real risks in this respect”, Giorgi Khishtovani said.