• ABOUT US
    • History
    • Our Team
    • Advertising
    • Subscription
  • CONTACT US
Georgia Today
No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
No Result
View All Result
Georgia Today
No Result
View All Result

State Department: NBG, Georgian Financial Intuitions Act Fully in Accordance with Sanctions against Russia

by Georgia Today
July 29, 2022
in Business & Economy, Highlights, International
Reading Time: 2 mins read
State Department: NBG, Georgian Financial Intuitions Act Fully in Accordance with Sanctions against Russia

The National Bank of Georgia and Georgian financial intuitions act fully in accordance with the financial sanctions imposed by the United States and others on the Russian Federation, the US State Department report reads.

The document notes that compliance with international financial sanctions is systematically checked during the onsite inspections of financial institutions.

“The IMF, credit rating agencies, and other international organizations positively assess the NBG’s macroeconomic framework and inflation targeting regime. In June 2021, the NBG was awarded the Transparency Award by the international publisher Central Banking. The award highlighted the improved communications on monetary policy, financial stability, consumer protection and financial education. The NBG also was nominated for the Risk Manager Award of 2021 by the same group. In 2021, Global Finance named Koba Gvenetadze, Governor of the NBG, among the Best Central Bankers for the fourth time.

“The International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the U.S. International Development Finance Corporation (DFC), the Asian Development Bank (ABD), and other international development agencies have a variety of lending programs making credit available to large and small businesses in Georgia. Georgia’s two largest banks – TBC and Bank of Georgia – have correspondent banking relationships with the United States through Citibank, and some other banks have a relationship with JP Morgan. However, correspondent banking remains a major challenge for small and medium size banks.

“Georgia does not restrict foreigners from establishing a bank account in Georgia. Several local banks are subsidiaries of international banking groups and subject to the same regulations.

“The NBG and Georgian financial intuitions act fully in accordance with the financial sanctions imposed by the United States and others on the Russian Federation. Compliance with international financial sanctions is systematically checked during the onsite inspections of financial institutions,” reads the State Department’s 2022 Investment Climate report.

Tags: Georgian Financial InstitutionsNBGSanctions against RussiaUS State Department
ShareShareTweet

Related Posts

Court replaces Nika Melia’s bail with detention over commission no-show
Highlights

Court replaces Nika Melia’s bail with detention over commission no-show

May 30, 2025
Domestic Tourism drops in Georgia, spending decreases by nearly 9%
Business & Economy

Domestic Tourism drops in Georgia, spending decreases by nearly 9%

May 30, 2025
Irakli Kobakhidze discusses US ties and regional stability with senator Steve Daines
Highlights

Irakli Kobakhidze discusses US ties and regional stability with senator Steve Daines

May 30, 2025

Recommended

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

3 weeks ago
Experience Seamless Connectivity with Silknet eSIM in Georgia

Experience Seamless Connectivity with Silknet eSIM in Georgia

11 months ago
Champion Karateka Luka Khvedeliani on the Benefits of Georgian Karate for Georgia’s Youth

Georgia to Celebrate First Europe Day with European Union Candidate Status

1 year ago
Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

3 years ago
Natia Mezvrishvili on Dealing with 2 Political Giants

Natia Mezvrishvili on Dealing with 2 Political Giants

3 years ago
Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

3 years ago
GT Interview with Giorgi Badridze

GT Interview with Giorgi Badridze

3 years ago
Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

3 years ago

Navigation

  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

Highlights

MIA: Nika Melia detained on administrative charges

Ukraine Latest: Drones, Drills, and Diplomacy

British Journalist Barred from Georgia after Investigating Links to Sanctioned Russian Oligarch

The Blooming Electric Now: How DOCA Film Club’s ‘New Georgian Films’ Program Captures a Nation Mid-Transformation

ZEG Festival returns to Tbilisi with future-focused storytelling

Giorgi Bachiashvili: Ivanishvili’s orders led to my kidnapping and 2 days blindfolded

Trending

Experience Seamless Connectivity with Silknet eSIM in Georgia
Business & Economy

Experience Seamless Connectivity with Silknet eSIM in Georgia

by Georgia Today
June 26, 2024

Why Silknet's eSIM could be your top choice in Georgia  Since its introduction, eSIM technology has become...

Photo by the author

Virtuosity and Versatility: Marc-André Hamelin Opens Tbilisi Piano Festival 2024

May 30, 2024
  • Where.ge
  • Newspaper
  • GEO
  • Magazine
  • Old Website

2000-2024 © Georgia Today

No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

2000-2024 © Georgia Today