In a recent development at the National Bank of Georgia, Malkhaz Ghugunishvili has been appointed as an advisor to Acting President Natia Turnava, focusing on security matters. This marks a new addition to the National Bank’s organizational structure, as such a role did not exist previously.
Notably, Natia Turnava now has two advisors, following the announcement of Giorgi Bakradze’s resignation last week. Bakradze’s decision to step down came in response to changes in the rules governing the enforcement of sanctions by the State Examination Center (SEC). His departure is scheduled for the end of October.
The National Bank of Georgia made significant alterations to the rules about the implementation of international sanctions on September 19. A key change is that sanctions will no longer be applied to Georgian citizens unless there is a guilty verdict issued against them by a Georgian court in the relevant case.
This adjustment in sanction enforcement procedures by the SEC comes after the United States Treasury Department imposed sanctions on Otar Fartskhaladze, the former Prosecutor General of Georgia.