National Bank of Georgia, People's Bank of China sign Memorandum to enhance cooperation

The National Bank of Georgia and the People's Bank of China on Saturday signed a Memorandum of Understanding aimed at expanding and strengthening bilateral cooperation.

The agreement was signed by Natia Turnava, the Governor of the National Bank of Georgia, and Pan Gongsheng, the Governor of the Central Bank of China. The MoU was signed as part of the Georgian National Bank delegation's visit to China, led by Turnava.

The agreement aims to strengthen cooperation in addressing global financial challenges, mitigating systemic risks, promoting trade and business relations between the two countries, and ensuring financial stability.

Turnava emphasised the growing importance of financial sector collaboration between Georgia and China. She expressed optimism that the active partnership between the central banks would be mutually beneficial for both nations.

“Our joint goal is to make the banking sectors of our two countries more efficient and interconnected. We plan to make Georgia’s financial market more attractive to Chinese banks and financial sector representatives. It is encouraging that the Chinese side has expressed great interest and willingness for close cooperation with us”, Turnava said.

Under the MoU, the two central banks agree to cooperate in the field of monetary policy, as well as to share information and experiences in the development of financial technologies, payment systems, and the securities market.

Furthermore, within the framework of mutual cooperation, the NBG and the PBOC will implement joint projects and promote the development of banking services between the two countries. Within their respective mandates, they will also collaborate on the development and modernisation of payment infrastructure, with a particular focus on increasing the interoperability of payment systems to facilitate fast, efficient, and secure international transactions.