EBRD to issue securities in Georgian Lari
The European Bank for Reconstruction and Development (EBRD) will issue securities, denominated in Georgian currency - lari in the near future, President of the Georgian National Bank Giorgi Kadagidze said after a meeting with EBRD President Suma Chakrabarti on July 18.
According to him, the cooperation between EBRD and the Georgian National Bank lasts for many years and will be effective in the future.
"One of our primary objectives is to reduce the level of dollarization in Georgian banks and to strengthen the policy of larization," Kadagidze said. "We have been recently working hard in this direction. EBRD will issue the first securities, denominated in lari, in about 2-3 months. It will be the first securities of the International Financial Institution in national currency. This will develop the local market of securities and preserve a downward trend in interest rates."
The National Bank president has refrained to clarify the volume of securities, their nominal price and the publication of other technical details.
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