The National Bank of Georgia (NBG) is the central bank of Georgia. It is an independent body that implements monetary policy according to the main directions of the monetary and foreign exchange policy defined by the Parliament of Georgia.
NBG was the main beneficiary of EU-funded twinning project “Strengthening the National Bank of Georgia capacity in the field of Banking and Payment services in line with the EU Standards”. European colleagues – Polish Financial Supervisory Authority – UKNF (with assistance of Polish and Lithuanian central banks, Polish Bank Guarantee Fund and the Financial Ombudsman’s Bureau) – helped the Georgian banking and payment sector to come closer to EU standards as it is set out in the Association Agreement.
Within over 2-years, project experts have conducted 61 missions with NBG to examine existing legislation, develop review reports with recommendations and analysis, assist with drafting laws (including by-laws regulating banks and payment institutions), delivering advice with proposed revision of the legislation and sharing the EU supervisory and central banks experience in financial and banking sector regulation and supervision policies.
Additionally, competences of the NBG staff have been successively increased through interactive trainings and workshops in the above field. Based on received input, the NBG is strengthened to revise the Georgian legislation within ongoing process of sequential developing of approximated legal supervisory framework.