Suchergebnisse

Georgian monetary relations have a centuries-old history. Credit associations were first founded in 11-13th centuries. Network of credit institutions became larger in the 19th century – independent commercial banks were established in the second half of the 19th century. Central State Bank of Georgia was established in the Democratic Republic of Georgia in the beginning of the 20th century. At the same time, there were efforts to create independent two-level banking system, although those efforts failed due to forceful sovietization of Georgia. But still, independent banking system was founded in Georgia after the collapse of the former Soviet Union. This work examines afore-mentioned evolutionary processes and some of peculiarities of modern banking system. The research shows that modern Georgian banking system is growing fast but it contains signs of oligopoly which contradicts the interests of vast masses of population and entrepreneurial development, while stimulating retaining of high interest rates and devaluation of national currency.

State financial body control of Georgia has a distinctive centuryies-long history. State financial control institute was established in the Democratic Republic of Georgia (1918-21) as early as in 1918 and it existed until Soviet occupation of Georgia in 1921. For 70 years the state financial control body was the part of the Soviet structure and it was not until the collapse of the Soviet Union that it started to function again in post-Soviet Georgia. This article covers some of the issues concerning the experience of establishment and operation of the state financial control body in the Democratic Republic of Georgia (1918-21) and in post-Soviet Georgia from the 1990s to date. According to the conclusions made, legal base of the financial control institutes succedeed and still succeeds to meet international challenges, and, in general, their institutional functioning is an efficient factor which significantly encourages economic progress of the country.