According to the President of the National Bank Koba Gvenetadze, the actions of the National Bank both before the crisis and during the crisis were rational. As he said at a press conference today, that this is confirmed by the assessments of a number of international financial organizations.
"It is very difficult to do anything good in the financial sector when there is a crisis, which will save this situation. Both before the crisis and in the context of the crisis, the actions of the National Bank were rational and this is noted by a number of international financial organizations. In the previous period, the National Bank imposed additional capital requirements, which created very good buffers for banks to deal with stressful situations; At the same time, the quality of assets is sustainable since we introduced the regulation of responsible lending and we have taken many measures to reduce the dollarization of loans, "- said Koba Gvenetadze.
According to him, "the regulation of responsible lending to individuals has deserved a lot of criticism in its time, but the fact is that without these measures and dedollarization, the financial sector today would not be able to cope with the difficulties we have today."
If not for the steps we have taken, we would have borrowers today who would be burdened with debt, which would be impossible to service at all, and this would have created a risk to financial stability. Therefore, all the decisions made by the National Bank were absolutely timely, absolutely correct, and without it, we would not have been able to cope with the current crisis," said the NBG President.
