The proposed banking amendments would simplify the procedure for foreign banks entering Georgia’s market. Shota Berekashvili, who presented the bill, said the amendments aim to increase competition.
A bill presented to Georgia’s parliament would simplify the procedure for foreign banks to enter the country’s market. The change is part of proposed amendments to the laws governing commercial banks and microbanks.
Shota Berekashvili, chair of parliament’s Economic Policy Committee, presented the bill at a plenary session, JAMnews said. He said the amendments aim to let new banks enter the market and increase competition. Commercial banks and microbanks account for around 75-80% of the financial sector, he said.
JAMnews did not give detailed entry requirements or a date for passage.
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