Archil Mestvirishvili, Acting Governor and Vice Governor of the National Bank of Georgia, participated in the annual meeting and business forum of the European Bank for Reconstruction and Development (EBRD).

Archil Mestvirishvili participated in the panel discussion: "Mobilising private capital via financial markets in Central Asia: rising to the challenge". Georgia was named as one of the successful examples of money market development on the panel. Archil Mestvirishvili spoke about the actions taken to develop the money market in Georgia, noting that the reforms in this area have been ongoing since 2010. With the help of various financial institutions, a number of important actions were taken, and the role of the EBRD in the progress was particularly appreciated.


"The interbank money market and the Government securities market, some of the most important elements of the financial market, are quite well developed and liquid in Georgia. Georgia was the first emerging market country to successfully use the Bloomberg international trading platform for interbank and monetary operations on the local market. Later, other countries followed our path. There is a modern-standard highly effective securities custody and settlement infrastructure available in Georgia, and this eliminates the system’s risks for securities safekeeping and settlement. With the active support of the EBRD, reforms in the development of the derivatives market continue. The said reform will help commercial banks to record trades and complete transactions faster and more effectively, hence making derivatives instruments cheaper, while helping the private sector to hedge currency and interest risks," said Archil Mestvirishvili.