The National Bank of Georgia publishes Supervisory Strategy document
To effectively fulfill the supervisory mandate, the National Bank of Georgia (NBG) begins to publish the strategy on an annual basis. The supervisory strategy document covers the strategic priorities for the next 3 years (2020-2022) and the deadlines and activities necessary for their achievement.
The document will be renewed annually, which implies not the amendment of the supervisory priorities on a yearly basis but instead, the possible modification of the plan and timeline to effectively fulfill the supervisory mandate and the mission of the National Bank of Georgia.
The document facilitates the access for the investors, international financial institutions, rating companies, public and other stakeholders to the information regarding the supervisory priorities and strategies of the National Bank of Georgia.
"To increase the predictability of the financial sector, it is particularly important to annually publish the supervisory strategy document. It is crucial for the stakeholders to continuously have information regarding the future events envisioned by the National Bank of Georgia. Accessible information about the supervisory priorities and strategies gives the stakeholders an opportunity to assess risks and make sound business decisions based on the analysis and forecast" - stated Koba Gvenetadze.
According to the strategy document, the priorities of the National Bank of Georgia for 2020-2022 are the following:
The corresponding activities and the target dates for each of the priorities are presented in the document.
The National Bank of Georgia finalized working on the Supervisory Strategy document in the beginning of 2020. However, in an effort to respond to the challenges related to the Coronavirus (COVID-19), it became necessary to make certain modifications to the supervisory plan and timeline. As a result, to respond to the current challenges, the maximum mobilization of the supervisory resources, as well as of the resources of the supervised entities has been ensured.
It should be noted that the detailed strategy and plans regarding the supervision of the representatives of payment systems and capital markets will be added to this document in the future.