Koba Gvenetadze - private sector initiatives are significant for increasing financial literacy level in society
On the presentation of the Banking Terminology Dictionary, the Governor of the National Bank of Georgia stated that: "The private sector initiatives are significant for increasing financial literacy level in society."
"Bank of Georgia" created the first Georgian dictionary for the banking terminology. The presentation of the project was held in the head office of the Bank of Georgia and were amongst participants was the Governor of NBG, Koba Gvenetadze.
"Financial literacy is one of the priorities for the National Bank of Georgia. Creating the dictionary of the banking terminology is important for public awareness and for the protection of their rights. I believe, that the dictionary will help the costumers to understand the products and procedures while communicating with banks. According to international practices, similar dictionaries are used successfully in various developed countries, including Germany and Poland.
We support the initiative of the "Bank of Georgia", since the inclusion of private sector in the financial literacy is vital, moreover, it will have a key factor in national strategy of financial literacy. NBG is planning to develop and enhance the financial dictionary, which includes, but isn't concluded with banking terminology" - stated the Governor of the National Bank of Georgia, Koba Gvenetadze.
The aim of the dictionary is to simplify the communication between society and banking sector, to make the banking notions applicable for every concerned individual and to support the spread of financial literacy in Georgia. This is the first edition of the dictionary.
Dictionary includes more than 1000 phrases, including not only banking terminology, but also financial terms, legal words, accounting terminology, insurance oriented, marketing terms and other related spheres. Defining dictionary was published and will be placed in the BOG service centers. Additionally copies will be given to public libraries and universities.
Dictionary of banking terminology is available online: www.terminebi.ge