Koba Gvenetadze: "Georgian Finance Organisations are Quite Innovative."

During an interview with ‘Saqmis Kursi’, the president of Georgian National Bank Koba Gvenetadze described finance organsitions as “quite innovative”. Gvenetadze believes that after the introduction of the responsible crediting system, banks will have to adapt to the new system and as a result will create new finance products. According to Gvenetadze, the impact of the regulation on the economy is highly dependent on how the banks will manage to adapt to the new system: “the degree of impact that these new regulations (those that deal with the process of issuing credits for physical persons) will have on economic growth is dependent on how quickly these loans can be replaced by other practices. Based on the fact that our finance organsiations are quite innovative in many ways, I find it hard to believe that they won’t have the resources to do this. As a result, I believe that the risk of these changes having a negative impact is continuously reduced.” - Said the president of the National Bank of Georgia Koba Gvenetadze.