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Gachechiladze: Key Issue During Lockdown Was to Make Sure We Continued Providing Services to Clients

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BM.GE
02.11.20 22:00
764
It will take at least one to two more quarters to see the impact of this crisis on Georgia's banking sector - this is what Fitch Ratings told the CheckPoints in the recent exclusive interview. Based on this, BMG asked Archil Gachechiladze, CEO of Bank of Georgia, what is his take on covid-19's impact on the sector. 
 
According to Gachechiladze, back when predictions were made about covid reaching Georgia, the government and the National Bank decided to have a major charge for the provisioning for the losses encountered during this period of time. BOG's CEO also shared insights regarding key aspects the bank had to deal with during the pandemic.
 
"We did create a reserve for the losses for the full year. The key issues here since the pandemic and the lockdown started were to make sure that we continued providing services to our clients throughout the lockdown. On the other side, we had to make sure that our staff members got to work in a full lockdown when public transport was not functioning. That was one challenge. Another challenge was to move all of the back offices to work from home and get those done within ten days," - he said.
 
According to Gachechiladze, another challenge is to make sure that the cash supply works, and the customers don't come across many problems. "Good news is that we have been able to manage this challenge pretty successfully. We have been able to provide an uninterrupted supply of our services to our customers. Through this lockdown and afterward, we have supported our customers, especially the micro and SMB customers," - he said. 
 
Gachechiladze asserts that there's plenty of liquidity to make sure that the bank can issue loans to customers who were in a position to borrow and plenty of capital to make sure that they are very strongly standing.