What is National Bank of Georgia (NBG)? National Bank of Georgia (NBG) Review, Features

The National Bank of Georgia (NBG) is the central bank of Georgia and is responsible for price stability in Georgia. The bank was established in 1919. The Board of Governors consists of seven members, chaired by the Governor of the National Bank.

About National Bank of Georgia (NBG)

• The first central bank of Georgia was established in 1919. Its existence in its current form as the National Bank of Georgia began in 1991.
• According to the Constitution of Georgia, the National Bank is independent in its activities. Members of the legislative and executive bodies of Georgia have no right to interfere in the activities of the National Bank. The principles of the National Bank of Georgia’s activities as the country’s central bank and guarantees of its independence are set out in the Organic Law of Georgia on the National Bank of Georgia.
• The National Bank of Georgia implements monetary policy in accordance with the main directions of monetary and foreign exchange policy determined by the Parliament of Georgia. It owns, retains and disposes of the country's international foreign exchange reserves. The National Bank of Georgia, through its regulatory and monetary instruments, performs the basic functions and objectives established by law.
• The National Bank supervises the financial sector to promote financial stability and transparency in the financial system and protect the rights of consumers and investors in the industry. Through the Financial Ombudsman of Georgia and public law legal entities, the National Bank takes measures to combat illegal income and terrorist financing. In addition, the NBG is the banker and fiscal agent of the government.
• NBG is responsible for the implementation and dissemination of statistics of the financial sector in accordance with international standards and methodologies, as well as for the effective and proper functioning of the payment system. The Bank has the right to issue monetary units as legal tender in Georgia and also has the right to circulate currency in the form of commemorative coins.
• The National Bank of Georgia may provide banking services to foreign governments, foreign central banks and foreign monetary authorities, as well as to international organizations. The National Bank participates in the activities of international organizations promoting economic stability through international cooperation.

Vision of the National Bank of Georgia (NBG)

• Ensure the long-term stable development of the national economy;
• Ensure price stability;
• Ensure the stable and efficient operation of the country's financial sector.

Task

Promote long-term and stable growth of the national economy.