Kingdom, Georgia agree to go extra mile on de-dollarisation
Kingdom, Georgia agree to go extra mile on de-dollarisation
A memorandum of understanding (MoU) was signed on Friday between Chea Serey, Governor of the National Bank of Cambodia (NBC) and Natia Turnava, Acting Governor of the National Bank of Georgia (NBG) to strengthen financial cooperation for reducing dollarisation.
This is the first time the two central banks have joined forces to strengthen cooperation by signing an agreement to create a framework for sharing knowledge and experience on technical management during the bilateral meeting held in Tbilisi, capital of Georgia on May 3.
During the meeting, Serey and Turnava exchanged views on the economic situation, development process in the banking sector, monetary policy, financial stability and sustainability while setting the direction for future cooperation between the two parties.
The NBG Governor shared the success in reducing dollarisation in Georgia over the past 10 years hence the achievement can help as an input to NBC to promote the use of its local currency – Riel – to be more widely.
Turnava also requested Serey to share experiences in developing payment systems development by establishing the standard system for QR codes and cross-border payments.
Serey wrote on her social media account, “NBC is pleased to sign an MoU with NBG to share experiences on topics related to the central bank.”
She emphasised Cambodia and Georgia have a similar situation, especially the dollarisation background and Georgian has reduced the dollarisation rate from 90 percent in 2015 to 45 percent by this year.
“This can be a good lesson and example of success for the Kingdom to examine and learn from; additionally, the NBG Governor is also a female,” she added.
According to NBC announcement, the two bank governors committed to further strengthening collaboration as well as learning from each other achievements.
On the same day, Serey led the delegation to attend the 27th ASEAN+3 Financial Ministers and Central Bank Governors’ Meeting (AFMGM+3).
The ASEAN+3 included China, South Korea and Japan aimed at deepening the collaboration and strengthening the region’s financial system resilience.
Based on the joint statement released by the Monetary Authority of Singapore (MAS), the AFMGM+3 was organised to exchange views on current developments and the outlook for the global and regional economies, as well as policy responses to risks and challenges and the ASEAN+3 financial cooperation forum is playing an increasingly essential role in supporting regional economies to address the obstacles.
It may be informed that Georgia is a country located in the Caucasus, a transcontinental region between the Black Sea and the Caspian Sea, the junction of Eastern Europe and West Asia.
