24.Apr .2019 18:51

Finance Minister: No Need to Review New Bank Regulations

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Minister of Finance of Georgia, Ivane Matchavariani spoke about new bank regulations during the hearing of the Budget and Finance Committee of the Parliament of Georgia. Matchavariani stated that he does not see the need of reviewing the regulations.

“I believe that if the National Bank of Georgia (NBG) sees the need for reviewing new regulations, then they will act accordingly. If we are discussing whether enough time has passed now or not, at least 6 months should pass in order to assess what these regulations have brought us. The indicator is not bad at this point. According to NBG, business loans are on the rise, as well as other loans and mortgage.

I believe that it will continue in this manner. If we see that the processes are developing slower due to regulations, then everybody will find the force to review them. There is no need for that at this point, let’s wait how the processes will develop”, stated the Finance Minister.

Regarding economic growth, Matchavariani stated that we need to take in mind a long-term perspective instead of concentrating on short-term results.