Natia Turnava, the Acting Governor of the National Bank of Georgia, participated in a joint event of the Competition and Consumer Protection Agency and the European Union Twinning Project. The representatives of national regulatory bodies convened in a roundtable format to discuss strengthening competition policy in regulated sectors and enhancing legal enforcement mechanisms. The meeting also aimed to facilitate the exchange of best international practices and identify achievements, as well as challenges, at both the local and international levels.

"A number of regulations have been developed in this regard, and the regulation on protecting consumers' rights is being improved on an ongoing basis," said Natia Turnava. "Last year, the National Bank of Georgia received about 8,000 complaints, with approximately 22,000 across the banking system. We not only consider but also closely monitor how these complaints are responded to. It is worth noting that the number of favorable decisions for consumers is constantly increasing, which underscores the positive impact of our efforts in enhancing consumer awareness and ensuring a high level of protection of their rights."

According to her explanation, the National Bank of Georgia's newly established Competition Department closely monitors compliance with competition rules in the banking sector. It conducts numerous investigations and supervisory activities to ensure fair competition.

"In line with the rapid growth of the economy, the banking sector is also expanding swiftly, necessitating the protection of all stakeholders' rights in accordance with fair competition principles. However, it's essential to emphasize that the NBG’s primary mandate and priority lie in maintaining financial stability, which we duly consider in our decision-making process," noted Natia Turnava.

It is important to note that the National Bank of Georgia engages in daily consultations and intensive cooperation with representatives of the financial sector to effectively implement legislative innovations and regulations.