Georgia: Financial Sector Assessment Program-Technical Note-Macroprudential Policies and De-Dollarization

Financial Sector Assessment Program-Technical Note-Macroprudential Policies and De-Dollarization

Volume/Issue: Volume 2021 Issue 220

Publication date: September 2021

ISBN: 9781557753533

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Topics covered in this book

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International - Economics , Banks and Banking , Finance , Economics- Macroeconomics , Money and Monetary Policy , DE-dollarization policy , loan dollarization , D , assessment , E , Policy recommendation , deposit dollarization , Dollarization , Currencies , Macroprudential policy , Macroprudential policy instruments , Global , Central Asia and the Caucasus , Eastern Europe

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Summary

Since the 2015 FSAP, the NBG has significantly strengthened its institutional framework for macroprudential policy and put in place a comprehensive toolkit. Among other reforms, to strengthen the transparency of and accountability for macroprudential policy, the NBG published its Macroprudential Policy Strategy in 2019, which sets out five intermediate objectives: (i) mitigating and preventing excessive credit growth and leverage; (ii) mitigating and preventing excessive maturity mismatch and market illiquidity; (iii) limiting direct and indirect exposure concentrations; (iv) limiting the systemic impact of misaligned incentives with a view to reducing moral hazard; and (v) reducing dollarization of the financial system.