"A healthy financial sector is a locomotive helping the pandemic-hit economy to recover rapidly,'' President of the National Bank of Georgia Koba Gvenetadze said at the session of the Financial-Budgetary Parliamentary Committee.
In his words, the National Bank elaborated on a temporary surveillance plan amid pandemic, and the project fully meets the recommendations of IMF, European Central Bank, and other leading financial organizations.
The plan aims to free out 1.6 bln GEL buffer capital accumulated in previous years.
He says the resource will enable banks to neutralize potential losses.
"Today, when the economy is coping with the financial and economic outcomes of the pandemic, we see that the surveillance policy and approaches of the National Bank were right,'' he said.
In Gvenetadze's words, the support of international partners is of utmost importance amidst the global crisis.
As he says, the National Bank and government officials held discussions with the IMF in April. As a result, the general sum for the pandemic has increased.
Bela Gelashvili
News Author