We are trying our best to increase competition in the financial sector, this is entirely possible with similar regulations, where it comes to fees. Such a statement made today the Governor of the National Bank of Georgia, when assessing the four-fold reduction in the commission for early repayment of a loan.

"Our goal is to promote increased competition and at the same time reduce consumer costs, so that they have a wide choice of banks to choose the best one… The banking sector in Georgia is very strong and stable, but is characterized by high concentration, which is a big challenge for the country`s central bank, and the we continue to work actively in this direction", - added Natia Turnava.

By the decision of the National Bank of Georgia, starting from May 1, for individuals and legal entities with total liabilities of up to 2 million GEL, the commission for early repayment of a refinancing loan when transferring a loan from one financial institution to another has been reduced from 2 to 0.5%.