Natia Turnava, the Acting Governor of the National Bank of Georgia, and Irakli Lekvinadze, the Chairman of the Georgian Competition and Consumer Rights Protection Agency, signed a memorandum of cooperation to enhance collaboration in the areas of competition and consumer rights protection.

Natia Turnava stated,"It is significant that the updated memorandum between the National Bank of Georgia and the Georgian Competition and Consumer Rights Protection Agency was signed today, which now includes cooperation in both competition policy and consumer rights protection. While the previous memorandum, in effect since 2018, focused solely on competition policy, experts from the World Bank and the International Monetary Fund have recommended moving to a new stage of cooperation. This is because the current memorandum has produced important results, highlighting the need for even closer coordination between the agencies. The renewed memorandum provides more flexible and effective mechanisms for protecting consumer rights and enforcing competition policy. We believe it will further enhance cooperation in both areas."

By signing the memorandum, the leaders of the agencies expressed readiness for close cooperation in preventing violations, restoring violated consumer rights, fostering a sound competitive environment, and raising public awareness.

"Today's memorandum is important for promoting a competitive environment in the financial sector and for effectively enforcing and implementing regulatory legislation for consumer rights protection," said Irakli Lekvinadze while signing the memorandum. "The changes made to competition legislation in 2020 clarified the forms of relations with the financial sector regulator. We exchange necessary information daily to effectively enforce competition and consumer rights protection policies. Therefore, close cooperation with the National Bank of Georgia is strategically important for the Agency".

The parties expressed their willingness to strengthen their partnership on a bilateral level to effectively enforce the Association Agreement between the European Union and Georgia, enforce competition and consumer protection mechanisms in the financial sector, and raise public awareness.