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NBG President: Strictly Regulated Standards Required for Deposits Insurance System

The deposits insurance system must be subjected to the strictly regulated standards to increase deposits placement volumes at commercial banks, the National Bank President Koba Gvenetadze pointed out.

“The deposits insurance system is practiced in many countries as an additional inspiration for placing deposits at commercial banks. This is a stimulus for increasing deposits volume in the bank sector.

The Authorities are developing the due bill and we are providing suitable consultations.

I believe we should introduce the deposits insurance system that will be strictly regulated to prevent any misunderstanding in any complicated situation”, Gvenetadze said.

As reported, Georgia will introduce the deposits insurance system in 2018.