Economy, News

EBRD compliments Georgia on stabilizing bank sector

by | Aug 12, 2013

TBILISI, DFWatch–The president of the European Bank for Reconstruction and Development (EBRD) says Georgia’s bank sector is in ‘a very good shape’.

Sir Suma Chakrabarti, EBRD President, said in an interview with the Georgian edition of Forbes Magazine that many countries are still fighting to achieve stability of their bank sectors and maintain it, while Georgia remains one of the best in this regards.

As an example, he pointed to statistics showing that the rate of overdue loans in Georgia is 9.5 percent, while in southern and eastern Europe the rate is 20 percent, which creates problems for the banks. He complimented Georgia for being in a better position, and added that EBRD participated in the stabilization of the local banking sector.

Chakrabarti said the National Bank of Georgia focuses on maintaining the stability of prices in a macroeconomic framework and ‘this way does a real good job’.

The National Movement, which was in power before the Georgian Dream coalition, has criticized the new government for its economic policy after a recent report from Georgian National Statistics Department, showed that the economic situation in the country is alarming. The UNM said the government is doing nothing to improve things.

The government, on the other hand, doesn’t share these concerns and predicts that there will be an improvement by the end of year.



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