The reason was to present the findings of a study carried out by KPMG in Georgia and Armenia in which cross-country comparative research was carried out on the effective interest rates on various financial products in Georgia and other selected countries (including Azerbaijan, Armenia, Kazakhstan and Poland).
After opening remarks from the Governor of the National Bank of Georgia, Giorgi Kadagidze, in which he thanked the KPMG team for the excellent work that had been done, Andrew Coxshall, Managing Partner for KPMG in Georgia and Armenia, introduced KPMG both from an international and local perspective, and then set out the credentials KPMG has both in the Central Banking sector and in the Commercial banking sector. Andrew went on to explain the context of the research, before introducing Zara Furunjyan, Head of Advisory, KPMG in Armenia, who then presented the results of the research in detail.
This 45-minute presentation was followed by a lengthy Q&A session. The event was covered by all the major TV channels and media outlets in Georgia. Andrew, interviewed by the various TV channels, said that "This independent research is part of a wider programme initiated by the National Bank of Georgia to try to improve the understanding of financial products by the wider public, to improve access to finance in Georgia and to promote greater transparency and openness by the National Bank. KPMG is very happy to be able to contribute to this initiative and looks forward to assisting the National Bank again in the future."