Mr. Victor Kipiani, Chairman of Geocase, recently held a meeting with Mr. Andrew Jewell, the International Monetary Fund Resident Representative for Georgia.
During the meeting, they engaged in discussions concerning recent amendments made by the National Bank of Georgia on September 19 to the regulations pertaining to compliance with international financial sanctions.
Both parties expressed their apprehensions regarding these regulatory changes implemented by the National Bank of Georgia. They emphasized that such a move poses a significant risk to Georgia's banking sector and, ultimately, to the country's economy.
It was noted that the IMF plans to conduct a detailed examination of this issue in collaboration with the National Bank and commercial banks. Following a thorough assessment, the IMF will provide an accurate evaluation of the impact of these changes, including their implications for the IMF-supported Georgian program.
Additionally, during the meeting, the participants discussed the factors influencing the sustainability and stability of the financial system. They explored potential measures that could be implemented to safeguard the banking and financial system against vulnerabilities, ensuring its resilience. Such measures are of paramount importance for maintaining macroeconomic stability and overall well-being.