National Bank of Georgia (NBG) reports that foreign financial institutions, having “reliable” status, may access Georgian market without NBG special permissions. “Reliable bank” is the bank, registered in developed countries (list of which is defined by Georgian government), with rates, awarded them by international rating agencies (Fitch Ratings, Moodys and Standard & Poors).
Namely, bank should have long-term credit rate AA and individual rate B form Fitch Ratings; long-term credit rate AA and solid stability rate B form Standard & Poors; long terms credit/deposit rate Aa and financial sustainability rate B from Moodys.
NBG notes that decision aims to simplify Georgian market access procedures for banks, which act in conformity with international standards.
