Governor Gvenetadze Discusses Capital Market Development Reforms at EBRD Forum

Governor Gvenetadze Discusses Capital Market Development Reforms at EBRD Forum

02 July, 2021

The European Bank for Reconstruction and Development (EBRD) invited Koba Gvenetadze, Governor of the National Bank of Georgia to speak at a session on capital market development at the EBRD Annual Meeting and Business Forum held on July 1-2.

Annemarie Straathof, Vice-President of the European Bank for Reconstruction and Development, and Marek Dietl, CEO of the Warsaw Stock Exchange, together with Governor Gvenetadze, participated in the session.

Event participants discussed the impact of the pandemic on the world economy. Talking about the challenges in the capital market, Governor Gvenetadze noted that the capital market development strategy encompasses a combination of domestic reforms and exploration of potential synergies in the regional context. Further, he pointed that the development of the securities market is a time-consuming process and the small scale of the market is one of the fundamental challenges, as evidenced by the experience of many countries, including those of Eastern Europe. In terms of local reforms, the capital market development strategy envisages the expansion of the institutional investor base, the development of the government and corporate securities markets, and the further catching up of legal and regulatory reforms.

"Financial education remains among the challenges for market development and, thus, among our top priorities. Proper knowledge of markets, instruments and management of finance, is essential for both sell and buy side. We continue to develop financial markets," Governor Gvenetadze said.

 

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