IMF assesses performance of the National Bank of Georgia as successful. The Fund reports the recommendations provided for NBG by the mission are being implemented successfully.
IMF reports that as from this year, commercial banks will have the obligation to submit to the National Bank additional information on transactions. Moreover, as from 2018, the NBG information system SebStat will be updated and in May, special business bulletin will be added to the system. Also, the Fund notes that steps need to be taken for regulating the non-bank financial sector to ensure better transparency of their financial results.
In its review, IMF states that 90% of Georgia’s financial sector is banks. Besides, 8 of 16 commercial banks are owned by non-residents and in case of 5 – majority shareholders are foreign investors. Their total assets accede 32 bln GEL. 70% of the banking system assets are owned by 2 banks. IMF states that the share of local banks in total assets is less than 9%. IMF underlines that the majority of loans and deposits in Georgia is foreign currency denominated.
55% of non-bank financial sector’s assets are held by microfinance institutions. Last year, 83 microfinance institutions operated in Georgia, 13 of which held 40% of the market and they were owned by a non-resident person. In addition to that, 15 insurance corporations operate in the country, total assets of which accede 500 mln GEL. Last year, 4 leasing companies with total assets of 200 mln GEL operated in Georgia.
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