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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
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