Georgian credit companies to receive financial institution status
Baku, Azerbaijan, October 7
By Tamilla Mammadova – Trend:
Georgia’s credit companies will be granted the status of a financial institution, Trend reports citing a decree of the president of the National Bank of Georgia.
According to the decree, the list of financial institutions entitled to conclude agreements on financial support with commercial banks will be expanded to include the lending entities representing legal entities.
Currently, 202 creditors are registered with the National Bank of Georgia, of which the majority are limited liability companies, and only a small part is individual owners.
The National Bank of Georgia is the country's Central Bank and its status is determined by the Georgian Constitution, according to which the Central Bank is independent of state control. It is entrusted with the task of ensuring price stability and regulating monetary policy.