One more step forward for the development of the Georgian Financial Markets. The treasury departments of commercial banks and microfinance organizations in cooperation with the National Bank of Georgia established the Georgian Financial Markets' Treasuries' Association (GFMTA). The main purpose of the Association will be to enhance the professional knowledge of the market participants and implement the best international practices on Georgian financial market.

One of the main objectives of the association is to implement principles of FX Global code in Georgian financial market. FX Global Code was drafted by the working group formed by Bank for International Settlement (BIS) and which consisted of central banks and largest commercial financial institutions from different jurisdictions around the globe.

The FX Global Code establishes common rules and conduct practices in International FX market. The objective of the code is to make the market more transparent, establish fair rules of conduct among market participants and create minimum requirements for organizational structures of financial institutions so that their activities are compliant with the best industry standards.

The FX Global Code was officially published on May 2017 and the Global FX committee was established simultaneously, which unites the national associations and committees that work on the implementation of the Code on a national level. The Global FX committee consists of the associations from the USA, United Kingdom, Eurozone countries, Japan and up to 10 other countries. One of the initial objectives of the GFMTA will be to become a member of the committee.

In order to foster the implementation of Global FX Code in Georgia, international consultants will visit Georgia with the financial assistance from USAID and deliver training for the National Bank of Georgia, commercial banks and other market participants.

Following the best practices of other countries, the National Bank of Georgia will be involved in the activities of the Association and will hold the position of the Chairman of GFMTA. The Association plans to extend the scope of its activities in near future, including, delivering the training and educational events to the market participants, encouraging the creation of innovative products on the market and working extensively on the development of financial markets in Georgia.