The National Bank of Georgia has published the 2022 edition of the Supervisory Strategy for 2020-2022. To deal with the current challenges of the economy, the NBG pays considerable attention to long-term policies that will promote the inclusive and sustainable growth of the economy. For this purpose, the GBG publishes supervisory priorities in advance.

 

The NBG published the first document of the Supervisory Strategy, that set out the strategic priorities of 3 years (2020-2022), in 2020, making available its first update in 2021. Although the supervisory priorities remain unchanged for subsequent 3 years, the NBG makes sure the updates to the Supervisory Strategy are available annualy to reflect the changes in the supervisory priorities, tasks and deadlines of the supervisory priorities that serve to effectively accomplish the NBG’s supervisory mandate and mission.

 

Strengthening of cooperation with interested parties, promotion of sustainable functioning of the financial sector, convergence with international standards, development of sustainable financial technology ecosystem - the long-term goals and strategic priorities of the NBG remained unchanged in 2022.

 

With the publication of the Strategy, the NBG also introduced the practice of presenting it. The National Bank of Georgia presented the 2021 edition of the Supervisory Strategy to the financial sector and industry experts, and introduced the supervisory priorities and planned reforms. The presentation on the 2021 update of the Strategy is available here.

 

It shall be noted that regardless of the Covid-19 pandemic, the National Bank of Georgia has made considerable progress in the first year of the Strategy, in terms of achieving supervisory priorities and implementing the consistent plan of changes.

 

In addition, the NBG has already started working on a new Supervisory Strategy document, which will include new strategic priorities and pertinent tasks for the next three years (2023-2025). It is important to note, the NBG will lead the process of developing a new strategy with greater involvement of the private and civil sectors. The document will be developed with the active involvement of representatives of the banking sector and other stakeholders to ensure even greater effectiveness of the long-term supervisory policy. The public will be additionally notified about the opportunity of involvement in the new strategy development process.

 

The 2022 edition of the Supervisory Strategy is readily available at the following link. A detailed report on the implementation of the 2021 Strategy is also available in the same document.