The National Bank of Georgia, (Central Bank of Georgia)
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The National Bank of Georgia was established in 1999, but opened for business on May 8, 2000. The bank has been managing to survive the challenges, which is expressed in the visible outcomes on the monetary and banking fronts, and reflected in the assessments of international financial institutions.
The National Bank of Georgia was established in 1999, but opened for business on May 8, 2000. The bank has been managing to survive the challenges, which is expressed in the visible outcomes on the monetary and banking fronts, and reflected in the assessments of international financial institutions.
The status of the National Bank is defined under the Article 95 of the Constitution of Georgia. As per Article 95, the National Bank of Georgia is independent in its activities. The bank therefore is independent from the interference of authorities. The bank is answerable to the Parliament. The parliament approves the main directions for Monetary and Foreign Exchange Policies on an annual basis. The guarantee of independence is defined under the Organic Law of Georgia on the National Bank of Georgia.
The functions of the national bank are:
- To attain and maintain the solvency of the national currency
- To ensure price stability
- To ensure proper functioning of the monetary system
- To ensure sufficient liquidity in the system
- To ensure the proper functioning of the financial and credit systems
As per the Organic Law, the central bank is independently authorized to implement monetary and exchange policies. The National Bank of Georgia is also responsible for the overall supervision of the banking system in the country. It is pertinent to note here that its exclusive activities bring more coordination, timeliness, and flexibility to its activities. Carefully planned growth has been a hallmark of the bank’s economic progress over the years.
The Address and Contact details of the bank is as follows:
National Bank of Georgia
Address: 3/5, ul. Leonidze 380005 Tbilisi GEORGIA Phone No.: ++995-32-996 505; -982 203 Fax: ++995-32-999 885; -999 346
