BANKING SECTOR

The National Bank of Georgia has a new president, vice-presidents and the members of de council.
The president – Roman Gotsiridze;
Vice-presidents – Eka Galdava, David Amaglobeli, George Glonti;
The members of de council – Mikhail Tokmazashvili; Tamaz Chikvaidze; Simon Gelashvili; Temur Shengelia; Omar Zhizhavadze.

Principal directions of money and credit policy of Georgia for 2005 have been elaborated in accordance with the requirements of the Georgian Constitution and the Organic law on the National Bank of Georgia. They comprise target guiding lines to be used by the NB this year as well as the ways for achieving the targets.
Further capitalization process is essential for initiating consolidation process in the banking sector and expanding opportunities of commercial banks as financial intermediaries. With this purpose, by the decision of the NB the gradual growth process of commercial banks’ minimum supervisory capital to 12 million GEL has started in 2004 and will also continue in 2005.
The component of Georgia’s integration with the Euro Union is harmonization of current legislation with that of the Euro Union and introduction of universally recognized standards in Georgia. To promote the process, it is necessary to make amendments to the Georgian law on commercial banks’ business. It is planned to elaborate the legislation this year. The document will provide for the requirements of the European Union regulations concerning bank business as well as Basle Committee’s major bank supervision principles.