05.Nov .2021 11:30

Reforms In The Financial Sector Should Be Sustained - Kovzanadze

Reforms In The Financial Sector Should Be Sustained - Kovzanadze
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The Budget and Finance Committee organized a working meeting between the MPs and the representatives of the National Bank.

The focus of the meeting was on legislative ideas relating to further banking and financial sector reform, as well as harmonization with EU law, including financial technologies for tax services, open banking, digital banking licensing and digital GEL, establishment and regulation of micro-banks, regulation of currency points, expansion of the definition of lending entities, financial conglomerates, refinement of non-banking regulatory legislation, and so on.

According to Irakli Kovzanadze, Chairman of the Committee, the legislative initiatives discussed today are important for the sustainability of the financial sector - "The financial sector is one of the fastest-growing and most sustainable, and reforms in this area must continue. The purpose of such meetings is for the MPs to receive comprehensive information before initiating the bills”.

Representatives of the National Bank made relevant presentations and answered the questions of the deputies.

The working meeting was attended by the National Bank Vice-Presidents: Archil Mestvirishvili, Papuna Lezhava, and the heads of the relevant departments.