The National Bank of Georgia continues the practice adopted since 2020 and following the active consultations with the financial sector and other stakeholders, publishes the final document of the 2023-2025 Supervisory Strategy. Document is available on the website of the NBG.

Throughout the development process of the 2023-2025 Supervisory Strategy, NBG ensured enhanced involvement of the private and civil sectors. This inclusive approach involved the publication of questionnaire and later, the initial draft document of the Supervisory Strategy for consultation, resulting a number of insightful opinions and recommendations that were received from stakeholders and the sector.

 

Taking into account the analysis of international practices and trends, opinions received from the stakeholders, the recommendations of international partners, the obligations undertaken and the needs identified within the supervisory mandate, the National Bank has pinpointed 5 pivotal supervisory priorities within the 2023-2025 supervisory strategy, namely:

• Improvement of financial sector risk management framework and proactive response to outcomes;
  
  
• Promotion of competition in the financial sector;
  
  
• Promotion of financial innovation and development of supervisory technologies;
  
  
• Approximation to international standards;
  
  
• Strengthening the supervisory function of the National Bank and increasing transparency.
  
  

The new strategy document outlines the priorities of the National Bank's 2023-2025 supervisory strategy, planned activities and the relevant action plan, as well as a summary report on the fulfillment of the 2020-2022 Supervisory Strategy.            

The strategy document empowers the NBG in effective action planning, to formulate the distinct future vision for employees and offer sector the enhanced foresight into forthcoming activities. Moreover, it enables the NBG to provide comprehensive information about supervisory priorities and plans to investors, international financial institutions, rating agencies, the public, and diverse stakeholders. The practice has shown that supervisory strategy has solidified its stature as a cornerstone reference document within the financial sector.