Natia Turnava Engages in Productive Dialogues with Banking and Business Leaders

Acting President of the National Bank of Georgia (NBG), Natia Turnava, recently held in-depth discussions about the present landscape of the banking sector, avenues to financial accessibility, and forward-looking strategies. The meeting, graced by the President of the Business Association, Soso Pkhakadze, focused on fostering a resilient and inclusive banking environment.

Turnava remarked, "Today's session with Georgia's commercial banks was another step in our ongoing dialogue about refining and easing certain regulations. We aim to channel more resources into our economy, enhancing credit activity efficiency. It's paramount for us to bolster financial accessibility for our citizens and bank clients, facilitating job creation, all while ensuring price stability."

Soso Pkhakadze, echoing a positive sentiment, stated, "Our engagement with the National Bank has been intensive and constructive. Recent discussions have offered clarity on our direction and today, we arrived at a consensus on relaxing some regulations. This will, undoubtedly, fortify our banking and financial sectors. More capital will be accessible to businesses, propelling economic growth. The Georgian Business Association is dedicated to collaborating with the government to nurture our nation's businesses — the cornerstone of economic development. A robust economy is any country's hallmark of success."

Vakhtang Butskhrikidze, General Director of TBC Bank, outlined the meeting's key takeaways, "We deliberated on three pivotal issues. Firstly, 'larization', which holds significance not just for banks but for the entire economy. The second topic centered on potential regulations for the banking industry, both short-term and long-term. Lastly, we discussed strategies to amplify credit activity for 2024, targeting individuals, small to medium enterprises, and corporate entities."

Beka Gogichaishvili, General Director of Liberty Bank, shared his optimism post-meeting, "Our dialogue with the National Bank was insightful, covering both current and anticipated regulations. Regular engagements of this nature promise fruitful outcomes. I'm confident the decisions taken will bolster both our banking system and the national economy."

These constructive dialogues between the National Bank, commercial banks, and the business sector are set to continue, reinforcing a collaborative approach to economic growth.