The National Bank of Georgia plans to make changes in the relevant bylaws in order to improve the operating environment of lending entities. On 03.06.2021, the draft laws of the planned changes were published on the official website of the NBG (nbg.gov.ge). According to the draft, the changes mainly envisage setting requirements for software, accounting software and these processes for lending entities. It is also planned to set standards for the treatment and storage of collateral (jewellery, equipment, etc.) in case of secured loans. The changes will also affect the management of operational risks of lending entities, in particular, it is planned to develop common standards and define appropriate requirements in this regard, which, in turn, will help reduce operational risks for lending entities.

In addition to the above, besides the planned changes, several provisions and rules will be clarified regarding the requirements for the administrators and beneficiaries of the lending entities and currency exchange points. According to the bill, the amendments also plan to improve the security systems of the above-mentioned entities.

The National Bank provides an opportunity for interested parties to submit their comments, suggestions and / or questions regarding the above-mentioned amendments drafts. Opinions can be sent until June 10, 2021, to the following e-mail address: LE@nbg.gov.ge.