Business Associations negatively assess amendments to the banking supervision system

23 May '15

BAG, American Chamber of Commerce in Georgia, International Chamber of Commerce, EU-Georgia Business Council, Georgian Employer’s Association, Association of Banks of Georgia Business Associations negatively assess announced, unsubstantiated suspicions about currency speculation about the alleged participation.
We believe that every citizen, the businessman is interested in to live in a democratic, transparent and legal space, where only justified, reasonable and proven facts can become the basis of adequate solutions and statements. In any other case, such statements could be interpreted as attempt to mislead population, who were affected by the fluctuations of the exchange, and charge National Banking System.
We and vast majority of the country’s citizens know that the reason of devaluation National Currency are far more serious and fundamental - it is the problems of the economy, due to a number of foreign and domestic factors.
Business Sector has been actively speaking on such important reforms for stimulation the economy as are: Economic stimulus as important reforms such as the abolition of income tax, the private pension system reform, the development of stock markets, support of capital markets and other.  On this backstage, we can’t understand why the parliament initiated the amendments to the organic law of "the National Bank". The main essence of amendment is to separate financial sector supervision function from National Bank of Georgia.
If we recall the statements of officials about lack of access to information on banking transactions, the legislative initiative can be seen as direct threats guarantees for bank secrecy, which is cornerstone of success for all countries’ banking sector.
Such an initiative is completely unfounded, unsubstantiated and it hastily puts in danger the banking sector, which has been the most successful and sustainable sectors of the country. The partners and founders of banking sector are the world's leading international financial institutions and who are investing hundreds of millions of dollars for the last few years.
The amendments made by the Parliament doesn’t affect only Banking Sector, it largely affects the country's business and investment environment, the formation of it often takes years and decades.
We hope before taking decisions, a thorough analysis of the situation will be completed in order to avoid hasty decision-making and to find other rational ways for problem-solving.