Meeting with the banking sector

Meeting with the banking sector

14 June, 2016
The state of art of the banking sector and the economy in general was discussed during the meeting of the Governor of the National Bank of Georgia, Mr. Koba Gvenetadze, with heads of the commercial banks. The existing problems, the ways of solving them were discussed at the meeting.
"It was the first official meeting with the representatives of commercial banks. We have discussed the various pressing issues: the first being the larization. As you may be aware the dollarization is quite high in Georgia and we work actively to reduce it. Our main goal is to make the long term GEL-loans as accessible as possible" – stated Koba Gvenetadze.

The NBG Governor considers that it is very important to intensify efforts in activities related consumer rights protection.

"I think that protection of the consumers’ rights is very important for the commercial banks as well, because the more satisfied the borrowers are the higher is the confidence in banks. Our approach is that the banks should be more open and provide more information to their customers. We plan to make changes in the rule that governs provision of the necessary information to the customers –declared Koba Gvenetadze.

Koba Gvenetadze also made a statement on the regulation of online credits. As he informed the journalists, the National Bank of Georgia tries to develop the best practice:

“We study the relevant experience of various countries and these steps will also be taken to further ensure the consumer rights protection. There are various models – in some countries where the central banks regulate this issue and in other, the government regulates it. Our goal is to implement the best practice".

Koba Gvenetadze plans meeting with the banking sector in future as well.

Apart from the heads of commercial banks, the meeting which was held in Courtyard by Marriott was attended by the representatives of the banking association as well.