Natia Turnava, Governor of the National Bank of Georgia, and Nino Jeladze, Vice-Governor, met with members of the International Monetary Fund’s (IMF) Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC).

The mission is represented by Serdar Guner, IMF Resident Advisor on Banking Supervision, and Linda Van Goor, IMF Expert.

The primary objective of the mission is to discuss principles of consolidated supervision for banking groups, the importance of consolidated oversight for banking supervision processes, and potential associated challenges.

During the meetings, the parties reviewed the current state of the banking sector, including international best practices regarding banking group consolidation. In particular, they discussed standards and approaches of the Basel Committee on Banking Supervision and the European Union, which are important for the further development of the National Bank of Georgia’s regulatory framework.

As part of the mission on banking supervision, IMF experts also met with staff from the National Bank of Georgia’s Supervisory Policy Department and other structural units.

The National Bank of Georgia has focused on consolidated supervision of banking groups since 2017. This issue has become even more relevant today, as Georgian banks continue to operate abroad and diversify their cross-border activities.

To support this process, the National Bank of Georgia requested technical assistance (TA) from the IMF. The objective of the technical assistance is to develop a regulatory framework for the consolidated supervision of banking groups.