📍 Chairman of the parliamentary political group “European Socialists” Fridon Injia spoke at the plenary session of the Parliament about the importance of the sovereignty of the National Bank’s activities in Georgia, which, according to the deputy, is directly related to the sovereignty of the country and the state.
🔷 At the plenary session of the Parliament, Natia Turnava, acting in charge of the National Bank, was interrogated. According to the interpellation method, the main question to Turnava was the issue of interest rate regulation on bank loans given to pensioners by “Liberty Bank”.
🔷 “Today, the policy of the National Bank is two-sided. One is domestic and the other is foreign. The foreign policy of the National Bank is tied to the World Bank and the International Monetary Fund, and without their permission, many things become impossible, and here a lot of maneuvering is needed for the National Bank to maintain banking sovereignty, which is one of the foundations of the country’s and state’s sovereignty. If the National Bank has sovereignty, then the country has great power,” said Fridon Injia.
🔷 In his speech, the deputy made a short excursion about the history of the creation of banking and financial organizations in Georgia, when the banking system functioned normally, maintained its independence, and most importantly, loans were given to the population at affordable interest rates.
🔷 The chairman of the political group believes that the state should do everything to demonopolize the banking sector. According to the MP, a pensioner should have the right to receive a pension from any bank or financial institution, and he should not be limited in this regard.
🔷 According to Fridon Injia, he is sure that the government will develop appropriate mechanisms in this direction, thus it will be possible to solve the current problems.
🔷 “Natia Turnava considers me a professional in her field. He is a successful person since he was a student. I am sure Ms. Natia will do everything for the good of the country. I think that the problems with pensioners will be solved by the end of the year, and the main task here should be to lower the interest rate as low as possible. I believe that the government will find a suitable mechanism for this.” – thinks Fridon Injia.
🔷 The chairman of the political group emphasized the oligopolism in the banking system, when commercial banks see unprecedented profits during the year precisely on loans with today’s high bank interest rates.
🔷 According to the deputy, the government of Georgia should find a mechanism that will solve the problem in the banking system and present it to the international financial organizations arguing that this decision is in the interests of the population of Georgia.
🔷 “The state should be involved in fixing all the problems where there are problems. It will be the banking sector, pharmaceutical activities or many other areas, for which the state should take responsibility.
🔷 Every year, commercial banks have a profit of more than 2 billion. If we are a social state, the state should be involved in solving these issues and regulate it,” the MP believes.
🔷 Fridon Injia also spoke about the creation of a digital bank in Georgia, which, according to the deputy, will contribute to healthy competition with commercial banks and proper development of the banking system in general.
🔷 “I will give you a simple example. When we make a transfer abroad, or a financial operation, it takes three working days, and with a digital transfer, it will be possible in 5-10 minutes.
🔷 In the case of the digital banking system, there is also a significant discount regarding the commission amount. The creation of a digital banking system will contribute to the demonopolization of the banking sector, thereby creating an environment of healthy competition and the banking system will develop in the right direction. To further simplify banking operations, with the digital banking system, an electronic identity card can be used.” – noted Fridon Injia.
🔷 According to the deputy, of course, opponents of the digital banking system will be commercial banks, or all commercial banks require a license to switch to a digital banking system, and this is where the state and the National Bank should be involved with their correct policy. In such a case, many issues will be resolved for the benefit of the population.
🔷 “I hope that the leadership of the National Bank, together with the legislative body, will be involved in solving these issues. I believe that there is nothing much to be decided here, the main thing is the political will and the involvement of professionals. We should be interested in this process being democratic and based on the protection of human rights.” – said Fridon Injia.