The important stage of the systemic and infrastructural reforms of the National Bank of Georgia finished by implementation of New Portfolio Management System. The Governor of the National Bank of Georgia, Mr. Giorgi Kadagidze and Chargé d’Affaires of the United States of America in Georgia, Mr. Kent Logsdon,  held a joint briefing today.

The active phase of systemic reforms has begun at the National Bank of Georgia since 2008. In 2009 the USAID granted USD 3.29 million to the National Bank of Georgia. This was a contribution for the systemic and Institutional development of the National Bank of Georgia. Implementation of several scaled projects has started simultaneously, that fundamentally changed settlement, payment, securities and portfolio management systems.

“It should be noted that our American colleagues and friends seemed our plan to be very optimistic and ambitious. However, the process of implementation of new international portfolio management system has finished today. The system exists at 30 developed countries all over the world, and I am proud to mention that National Bank of Georgia is the first that implemented the system so quickly in an year and a half,”- The Governor of National Bank of Georgia Giorgi Kadagidze noted.

The international reserves of Georgia has reached the historic maximum and equaled to 2,7 billion USD. It was essential to implement refined, automated management system of investing cycle; The new portfolio management system guarantees operability and effectiveness, decreases the operational risks and increases the profitability of reserves.

“The successful implementation of the Foreign Reserve Management System is the result of strong collaboration between the U.S. Government and the National Bank of Georgia (NBG).  The new system will ensure that the security and management of Georgia’s foreign reserves are consistent with those of leading central banks around the world,”- said Chargé d’Affaires of the United States of America in Georgia, Mr. Kent Logsdon

The expert of US Treasury, World Bank and the Netherlandsche Bank assisted National Bank of Georgia in implementing international portfolio management system.  The similar system works at thirty central banks, for instance: Central bank of Germany, France, Netherlands, Italy, Israel and Poland.