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Tag Archives: National Bank of Georgia

President Vetoes the Bill on NBG

President George Margvelashvili has vetoed the bill on the National Bank of Georgia at today’s briefing. The bill, which envisages separation of the supervisory service from the National Bank, was submitted to the Presidential Administration on July 22. The President was given ten days to present his observations and carrying …

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Opinions of the National Bank and Banks Association Diverged

An interview with George Tsutskiridze, the Executive Director of the Association of Banks of Georgia President of the National Bank says  that the bill that envisions stripping the National Bank of Georgia (NBG) of its banking supervisory functions will have negative consequences for the banking system and investment climate in general. …

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Bill has Affected Investor Attitudes, NBG President

NBG-president

President’s veto on the bill concerning the National Bank is yet another opportunity for Members of Parliament to reconsider their decision, NBG’s President Giorgi Kadagidze told reporters. According to him, the bill may create serious dangers for Georgia. “First of all, even from a legal point of view, the bill cannot stand …

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Banking Industry Profits Rise by 26% in One Year

The banking sector ended the first  half of 2015 with a 243 -million  profit. According to the National Bank of Georgia (NBG), the sector’s  profit increased by 26% a year (in January-June 2014 – GEL 192.43 million). In June, the banking sector’s profit totaled GEL 57,423 million, which is lower …

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National Bank of Georgia Recommends Gov’t to Cut Spending

The National Bank  of Georgia (NBG) recommends  the government to  cut spending. The central bank has already sent to Parliament its  views and observations about  amendments planned to  the 2015 budget. “Due to the  processes in  the world caused by the dollar strengthening against all the major currencies  and a very …

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Impact of External Shocks on the Economy of Georgia

Economic situation in the main trade partners is of great importance for the countries with small economies such as Georgia. That is the conclusion of the survey conducted by  the Business School at Ilia State University. The researchers estimate that a decline in purchasing power in the region, the developments in …

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NBG: Refinancing Rate Increases by 50 Basis Points

The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met on July 1, 2015 and decided to increase the refinancing rate by 50 basis points to 5.5 percent. According to the National Bank of Georgia, the monetary policy decision is based on the macroeconomic forecast, which shows …

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Developers Still Dissatisfied With Bankers

Developers Still Dissatisfied with Bankers

A few months ago, the National Bank of Georgia (NBG) banned commercial banks to own non-core assets – construction, tourism, and other companies. After that, banks were quick to say that they have fulfilled this decision and abandoned  these assets, however, “Commersant” reports  it was formally. In particular, construction companies …

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Government Must Ensure NBG’s Independence — IMF

National Bank Expects the Exchange Rate to Stabilize in the Near Future

In response to press inquiries, Mr. Azim Sadikov, IMF Resident Representative in Georgia has disseminated the following comment: The International Monetary Fund has not taken, and cannot take a view on the issues related to justice and individuals’ relation with the law. This is not our mandate. In its dialogue …

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Parliament Takes Control of Georgian Banks

Parliament Takes Control of Georgian Banks

Banking Supervision Department may separate  from the National Bank and be  established as an independent legal entity,  if Parliament  supports  the Budget and Finance Committee Chairman, Tamaz Mechiauri’s initiative. How reasonable is  this  initiative taking into account  the national currency’s  fluctuations. The fact is that the public has serious questions …

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