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Georgian National Bank takes measures to support tourism sector

Finance Materials 3 July 2020 19:09 (UTC +04:00)
Georgian National Bank takes measures to support tourism sector

BAKU, Azerbaijan, July 3

By Tamilla Mammadova - Trend:

The COVID-19 pandemic and containment measures such as travel restrictions have a particularly acute impact on tourism in Georgia, National Bank of Georgia (NBG) told Trend.

Along with successful measures to stop the spread of the pandemic, it has become a priority for the authorities to mitigate its negative impact on the economy, said the bank.

"From the perspective of central banks functions, in this situation, it is important that the financial sector, banks and microfinance organizations continue to lend to companies and entrepreneurs without interruption, while not increasing the cost of credit resources due to liquidity risks," NBG noted.

According to the bank, NBG has provided appropriate cash and non-cash liquidity to both banks and microfinance organizations to address the issue.

"This was done with both existing liquidity management tools as well as additional temporary liquidity supply instruments," NBG said.

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