Central Banking recognized the National Bank of Georgia as The Most Transparent Central Bank in 2020
18 March, 2021
The National Bank of Georgia won the Transparency Nomination, by the decision of an authoritative, international publication Central Banking. It includes three important components - education, targeting full range of stakeholders and communication across various platforms.
"When the National Bank of Georgia unveiled a new financial education website, FinEdu, last year, it represented the latest step in a series of initiatives aimed at revolutionising transparency at the central bank. Many of these changes followed the appointment of Koba Gvenetadze as governor in March 2016. The former International Monetary Fund economist prioritised improving both the quantity and the quality of the information released by the NBG as part of a strategic goal to improve communications", - this is how the leading financial publication, Central Banking evaluates the steps taken by the Governor of the NBG, Koba Gvenetadze to significantly improve the quality of transparency.
The Central Banking Awards is widely recognized in the international financial community and reflects the high reputation and successful operations of the participating banks. In recent years, the Transparency Award has been granted to the central banks of countries such as New Zealand, the Czech Republic, Canada, Ireland, Israel and Sweden.
Transparency is one of the top priorities for the NBG. It has been preserved and succeeded even in the times of Covid-19. Except for ensuring the price stability and facilitating sustainable economic growth in the country, main mandate of the NBG is to ensure the transparency of the macroeconomic policy and financial system regulation as well. In recent years, the NBG has paid special attention to increasing transparency and developing various communication channels with the public.
It is noteworthy, that the NBG has launched the first financial education portal in Georgia – finedu.gov.ge, an excellent possibility to collect variety of educational resources created by various stakeholders at one place. Being operated by NBG, it not only ensures the materials are advert-free, reliable, competent, updated and impartial and in accordance with the current legislation, but at the same time enhances transparency of the financial products and developments on the market. Hence, the information provided by the platform is relevant and interesting for both, professionals, as well as broader population.
Explaining monetary and financial policy decisions, communicating openly and continuously with financial market and general public, represent NBG’s prior mission. This is what NBG's regular, transparent reporting and proactive communication serve, regardless of difficult or calm periods. The bank promptly responds to questions, believing that transparency and permanent dialogue with the public are the key aspects leading to success.
Central Banking Publications was founded in 1990 in London. It is an independent financial publisher and media portal, specialising in financial markets and having wide audience, with emphasis on central banks, international financial institutions, regulators and other members of financial sector.
The Award ceremony will be held online in the framework of the Central Banking Summer Meetings in June and the National Bank of Georgia will take part as one of the winners.
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