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Tag Archives: National Bank of Georgia

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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National Bank Deprived of Levers of Control over Commercial Banks

National Bank Deprived of Levers of Control over Commercial Banks

A draft law providing for the transformation of the Supervision Agency over commercial banks in an independent structure was sent to the Parliament. According to Tamaz Mechiauri, the head of the Budget and Finance Committee of the Parliament , it will remain in the National Bank’s structure but will operate …

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Georgia Shares Cash Management Experience With Austria

Georgia Shares Cash Management Experience With Austria

A second country is wanting to learn more about Georgia’s unique cash management system, which helps the country’s financial sector operate as effectively as possible. After Moldova, now Austria wanted to gain valuable insight into Georgia’s Cash Centre. Austrian National Bank representatives have visited Georgia’s National Bank (NBG) Cash Centre, which …

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Georgia is Experiencing a Full-fledged Currency Crisis

Georgia is Experiencing a Full-fledged Currency Crisis

An interview with a former Vice-president of the National Bank of Georgia Merab Kakulia What impact will a government reshuffle have on the economic situation of the country, including the national currency?  I do not think that the change of Minister of Sports will influence the currency market. And in general, …

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Georgian Banks Talk about Active Restructuring of Loans

As reported, the National Bank of Georgia has recommended commercial banks to develop measures to alleviate the situation for the customers who have income in local currency and loans – in foreign. How do commercial banks perform these instructions? At this stage there are no statistics on how many customers applied …

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Remittances from Abroad Decreased in March 2015

In March 2015, the volume of remittances to Georgia from abroad decreased by 23. 5% compared to March 2014. According to the National Bank, during this period in total $ 92.2 million was transferred to the country, which is 23.5% less than in the corresponding period of last year. Of the total transfers, …

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Georgian National Bank leaves monetary policy rate unchanged

The monetary policy committee of the Georgian National Bank decided on December 17 to leave the refinancing rate unchanged. The monetary policy rate is 4 percent. The economic trends have recently deteriorated with the countries – major trading partners. This affects the Georgian economy, the National Bank told Trend. A …

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