Georgia’s central bank guarantees better secured services

A ministerial meeting on the Digital Community was held this week in Brussels. Photo by N. Alavidze/Agenda.ge.
Agenda.ge, 11 May 2017 - 18:35, Tbilisi,Georgia

The National Bank of Georgia (NBG) is making further changes in its regulations, guaranteeing better secured services for the customers.

From now on the commercial banks in Georgia will be able to offer the customers secured service - an escrow.

An escrow is an instrument that reduces the risk and secure the buying-selling transaction.

When opening or using the Escrow Account, the following rules should be taken into account:

  • The operations must be done in Georgian national currency lari when getting the escrow service;
  • The service should be related to the operations such as buying or selling real estate, share of business/company or financial instruments;
  • For the customer the duration of the secured escrow service should not exceed over six months.

The amendments were made today in the ‘instructions on opening accounts in banking institutions’ following the order by the president of the NBG.