2nd Caucasus International Banking and Finance Conference and Showcase start in Tbilisi

Georgia's Finance Minister Aleksi Aleksishvili told the opening meeting that the country has made great progress and gained macroeconomic stability during the past three years. GDP reached 9.5% in 2005 and stood at 9.4% in 2006. Foreign investment inflow to Georgian economy was $1.5 billion, including foreign investment of $1.2 billion last year.

Roman Gatpiridze, chair of the board of the National Bank of Georgia, said the state budget more than tripled during the last three years to $4.5 billion.

"Foreign capital influx to Azerbaijan, Georgia and Armenia has become more active. It has a negative impact too, that is the national currency has become too strong in these countries," he added.

He also noted that investment in Georgia's banking sector continues to increase.

"Several European banks will come to Georgia in the nearest future. Bank of Georgia intends to penetrate Azerbaijan's market," he underlined.

He said that during the past three years Georgian banks' assets rose 148%, authorized capital 104%, deposit portfolio in national currency 144%, the number of ATMs 5 times and the currency reserves of the National Bank jumped to 1.605 billion. APA-Economics