According to the Resident Representative of the International Monetary Fund in Georgia, François Painchaud, the goal of financial sector regulations, which will come into effect from January 1, is to reduce excessive amounts of debt. Below is his response to a question related to the competition in the banking sector in Georgia and the regulations within the finance sector that come into force in January, during his interview with Interpressnews. “Your question refers to the responsible crediting. We believe that these regulations have an appropriate objective. Its objective is to reduce excessive debts for low-income citizens. Naturally, these regulations imply less credit growth, which can have a temporary negative impact on domestic demand. Overall, we believe that this is a necessary policy” – states Francois Painchaud.
Author: Telara Gelantia
