Banking is one of the most dynamic sectors of the Georgian economy

During the last 5 years, the number of banking service customers has increased very rapidly. Deposits by individuals and companies are increasing by 25-35% each year. Banks are experiencing an average return on assets of 3-5% and return on investments of 14-18%.
Commercial banks operating in Georgia offer a wide range of modern services to their local and foreign customers on equal status.  All services are conveyed according to accepted international banking practice.

Liberal Environment for the Banking Business
Following banking reforms enacted in Georgia in 1994-1997, state banks were completely privatized and restructured. Today 100% of the banking sector is private.
Georgia was one of the first countries to completely liberalize capital account transactions and currency regimes.  As a result, any limits on capital repatriation and currency operations both for residents and non-residents were cancelled. Residents have the right to have current accounts opened with banks in foreign countries.
Residents and non-residents of Georgia may make investments in commercial banks based in Georgia under equal terms and conditions. Foreign banks may carry out their banking business in Georgia through their subsidiaries or branches. At present subsidiaries and branches of commercial banks from Greece, Turkey, Azerbaijan, Russia, Kazakhstan and Germany are operating in the Georgian market.
A banking license must be issued for any banking business and a minimum start-up capital of 6.6 mln USD is required. A single use banking license provides the right to perform any type of banking business provided by law. Accordingly, banks do not require any additional licenses for currency or any other bank operations.

Liberal Currency Regime
Georgia’s currency regime is based on floating exchange rate principles. Interventions of the National Bank of Georgia are targeted against exchange rate fluctuations on the currency market.


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