On October 25, Representatives of the Ministry of Finance and the Ministry of Economy and Reforms of Kyrgyz Republic visited the National Bank of Georgia.  The main purpose of this visit was to familiarize delegation with reforms and changes implemented by the NBG and share the experience.

Head of Macroeconomics and Statistics Department, Giorgi Barbakadze spoke about the functions of the Central Bank and introduced reforms carried out in the NBG. He also provided information about the changes implemented in the banking sector.

Kirgizstan delegation members showed interest in activities undertaken by the NBG after the crisis of 2008. They have been introduced to the reforms implemented towards the protection of consumers’ rights.

Head of Financial Markets Department, Giorgi Laliashvili introduced the financial instruments used by National Bank of Georgia. He spoke about the minimal reserve requirements, foreign exchange markets, internal audit service functions at the NBG and about the role of “Big Four” in Georgia.

Kyrgyz guests showed the interest in changes in Georgian banking supervision field and familiarized with the risk assessment system and amendments proposed in the respective regulations.

As representatives of Kirgizstan Delegation stated during the meeting, the reforms and changes undertaken in Georgia, which is good model in entire region, has played significant role in development process of the country’s economy and particularly in banking sector. That’s why Georgia has attracted the attention of the Central Asia and the former Soviet Union countries.