The planned changes will be aimed to simplify regulations from technical point of view, they must become less bureaucratic, - National Bank President Koba Gvenetadze responds to a question about mitigating the regulations.
According to him, changes were necessary as the growth of consumer loans and retail sector was very high.
"We saw that growth of this sector has limited the growth of other sectors’ lending, such as SMEs, the corporate sector, and etc. Therefore, it was very necessary to introduce responsible financing rules that many central banks implemented, but at the same time we said that some period would be required to see what needs to be changed. We are now working with the sector on the change option and these changes will be offered soon. We want this process to become less bureaucratic, more based on principles. What was done was necessary to make the growth very sustainable. The planned changes will be aimed to simplify regulations from technical point of view, they must become less bureaucratic,”Koba Gvenetadze said.
See all the news
Turkey to open doors to 31 countries for health tourism
Coronavirus: Boris Johnson moved to intensive care
First-Stage Land Usage Permit for APM Terminals Poti
How will Nenskra HPP Reduce the Electricity Import?
Carrefour: The product will be on the shelves with the prices same as before
Differences between tobacco and nicotine products
OECD cuts 2020 global growth forecast over virus
Georgia to export new armored vehicle Didgori Meomari
"Hotels are in shock, reservations are canceled" - Shalva Alaverdashvili
Georgian brand Entrée enters the UK market and opens its first facility in London
Frontera claims that Georgian government has started harassing the company since 2013
Company HotelFriend offers convenient eComerce platform to Georgian Touroperators
Will the head of "Anaklia Deepwater Port Development Agency" be replaced?
TOP-10 Exporter Companies from Georgia to Russia
TBC Bank Group announces certain changes to the composition of the Management Board
Silknet signed Memorandum of Understanding with Global Communications Company One Web
Prosecutor’s Office allows Avtandil Tsereteli to leave the country
Mamuka Khazaradze: We want to avoid arbitration, but the Consortium is ready for that
Reuters: Dutch city tells floating Georgian monastery to cast off
TBC Bank Group Shares up by 6.3% WoW on the LSE