EU helps Georgia to meet EU standards and strengthen its supervisory mechanisms in banking and payment services
May 11, 2021

EU helps Georgia to meet EU standards and strengthen its supervisory mechanisms in banking and payment services

Georgia is now ready to fully adapt its national legislation to EU standards and financial supervisory mechanisms in banking and payment services. This is the main result of the two-year EU-funded Twinning Project ‘Strengthening the National Bank of Georgia in the Field of Banking and Payment Services’, implemented by Polish Financial Supervision Authority. The project achievements were summarised at an online conference held on 6 May.

Upon the project’s completion, new laws will be adapted in accordance with the EU rules; the NBG will reorganise the financial supervisory mechanisms and increase the institutional capacity in terms of banking and payment services. The optimised legislation, the supervisory methodology and standards adapted to appropriate EU rules and practices, will all improve the effectiveness of application of supervisory authorities to better protect the users of banking and payment services and to develop the financial market in the country. In the long term, the proper functioning of the financial market in Georgia will contribute to economic growth as well as stability and better protection of financial market participants.

The Twinning Project, with a budget of 1.75 million, covered joint actions taken by the Polish and Georgian supervisory authorities during the period from March 2019 until May 2021.  

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