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ANNUAL REPORT 2018 the Annual Publication

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ANNUAL REPORT 2018 the Annual Publication 2, Sanapiro Str., Tbilisi 0114, Georgia Tel.: (995 32) 2 406 488; Fax: (995 32) 2 406 577 ANNUAL REPORT Hot line: (995 32) 2 406 406 E-mail: [email protected]; www.nbg.ge National Bank of Georgia ANNUAL REPORT 2018 The annual publication ISSN 1512-1739 The Governor of the National Bank of Georgia Koba Gvenetadze was awarded with the Best Central Banker of 2018 Award by Global Finance CONTENTS Abbreviations ................................................................................................................8 Introduction...................................................................................................................9 1. Macroeconomic Environment.........................................................................................19 1.1 World Economy..............................................................................................20 1.2 The External Sector and Balance of Payments............................................................23 1.3 Economic Growth............................................................................................35 1.4 Inflation......................................................................................................38 2 Monetary and foreign exchange policy................................................................................45 2.1 Monetary policy.............................................................................................46 2.2 Monetary Policy Instruments...............................................................................54 2.2.1 Refinancing loans...................................................................................55 2.2.2 One-month open market instrument..............................................................55 2.2.3 Overnight loans and deposits......................................................................55 2.2.4 Securities............................................................................................56 2.2.5 Minimum reserve requirements...................................................................58 2.3 Exchange Rate Policy and International Reserves Management.........................................60 3 Financial Stability.........................................................................................................65 3.1 Financial Stability Policy............................................................................................66 3.2 Development of the Financial Stability Framework..............................................................67 4 Banking Supervision......................................................................................................71 4.1 Development of the Supervisory Framework....................................................................72 4.2 Group Structure Risk...............................................................................................78 4.3 Credit Risk..........................................................................................................80 4.4 Market Risk.........................................................................................................94 4.4.1 Foreign Currency Risk ..............................................................................94 4.4.2 Interest Rate Risk...................................................................................95 4.5 Profitability Risk....................................................................................................96 4.6 Liquidity Risk .......................................................................................................99 4.6.1 Structure of Liquid Assets.........................................................................99 4.6.2 Structure of Liabilities............................................................................101 4.6.3 Retail Funding.....................................................................................102 4.6.4 Wholesale Funding................................................................................104 4.6.5 Regulation of Liquidity Risk.......................................................................105 4.7 Operational Risk...................................................................................................107 4.7.1 Operational risk reporting........................................................................107 4.7.2 Business continuity management................................................................108 4.7.3 Outsourcing........................................................................................108 4.7.4 Dependence of the banking system on other sectors..........................................108 4.7.5 Accuracy risk .......................................................................................108 4.8 Capital Adequacy .................................................................................................109 4.9 Macroprudential Risks............................................................................................113 4.10 Financial Reporting and Transparency.........................................................................114 4.11 Credit Information Bureau Supervision........................................................................115 4.12 International Cooperation......................................................................................116 5. Consumer Protection and Financial Education......................................................................119 5.1 Consumer Rights Protection.....................................................................................120 5.2 Financial Education...............................................................................................124 6. Supervision of Non-bank Depository Institutions..................................................................133 6.1 Non-Banking Financial Institutions.......................................................................134 6.1.1 Microfinance Organizations......................................................................134 6.1.2 Credit Unions.......................................................................................137 6.2 The Regulation and Supervision of the Non-Banking Sector ...........................................138 7. Securities Market ......................................................................................................135 7.1 Securities Market Development..........................................................................142 7.2 Securities Market Indicators and Core Participants .....................................................142 8. Money Laundering Inspection and Supervision.....................................................................149 9. Payment Systems.......................................................................................................153 10. IT Development.......................................................................................................165 11. Organization of Cash and Emission Activities.....................................................................169 12. Internal Audit and Centralized Risk Management.................................................................181 13. Public Relations and International Cooperation..................................................................185 14. Human Resources Management and Development...............................................................191 15. Development of the Normative Legal Base........................................................................195 16. Statistical Activities..................................................................................................201 17. Financial Reports ......................................................................................................205 DIAGRAMS Diagram 1.1 Global real GDP growth.......................................................................................21 Diagram 1.2 Global CPI inflation............................................................................................22 Diagram 1.3 Real GDP growth in Georgia and its trade partners.........................................................23 Diagram 1.4 Ratio of current account components to GDP...............................................................24 Diagram 1.5 Annual growth rates of exports of goods (2011-2018).....................................................25 Diagram 1.6 Annual growth rates of imports of goods (2011-2018).....................................................25 Diagram 1.7 Export structure by country in 2018.........................................................................26 Diagram 1.8 Top 10 export commodities in 2018..........................................................................27 Diagram 1.9 Import structure by country in 2018..........................................................................28 Diagram 1.10 Revenues from exports of tourism (2011-2018)...........................................................28 Diagram 1.11 Number of international visitors by country...............................................................29 Diagram 1.12 The ratio of revenues from goods and services exports to GDP..........................................29 Diagram 1.13 Annual growth rate of personal remittances (2014-2018) ................................................30 Diagram 1.14 Money transfers by country.................................................................................31
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