Georgian Parliament Endorses Legislative Package Facilitating Georgia's Accession To SEPA
Date
9/11/2022 6:07:09 AM
(MENAFN- Trend News Agency)
The Deputy Minister of Economy, Irakli Nadareishvili, introduced
the changes to the laws on Commercial bank Activities, National
Bank of Georgia, and Payment System and Payment Services, together
with the accompanying documents, Trend reports citing Georgia Today .
The speaker noted the package of amendments is a necessary
prerequisite for accession to SEPA as they contain the standards
and regulations that the country wishing to join the single
European payment area is obliged to fulfill. As a result of the
changes, those financial institutions that do business in Georgia
will be allowed to operate in Euro under the same conditions,
tariffs, and regulatory framework. As the Deputy Minister notes,
the said process will provide significant benefits to both citizens
and businesses and will contribute to the inflow of foreign
investments.
The members of the parliament evaluated the legislative package
consisting of 21 draft laws and talked about the expected results,
which might be brought by Georgia's membership in SEPA. As Maka
Botchorishvili, the Chair of the EU Integration Committee notes,
the majority of the presented changes are included in EUAA.
“With the adoption of these laws, we are taking a big step in
the implementation of the association agreement. The legislative
package serves the criteria set for Georgia's SEPA membership. This
issue was initiated by the committee a year ago, and as a result of
the conducted research, it was revealed that with the work we have
already done, Georgia largely meets the mentioned criteria.
Accordingly, this gives us a reason for Georgia to apply for
joining the single European payment area this year,” Botchorishvili
remarked.
As David Songulashvili, the Chair of the Sector Economy and
Economic Policy Committee notes, joining SEPA is important progress
on the path of integration with the European Union. As he adds,
there are issues in the package of draft laws, which the committee
is actively discussing with the representatives of the Ministry and
the National Bank.
The Chairman of the Committee also noted that before presenting
the package in the second reading, it is necessary to reach an
agreement on the principle issues.
The legislative package prepared for Georgia's accession to the
single European payment space is being considered by the Parliament
in an accelerated manner.
MENAFN11092022000187011040ID1104844714
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.