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NBG denies rumours of termination of transactions from EU

The National Bank of Georgia (NBG) refuted reports of an alleged termination of financial transfers from European countries to Georgia, calling the information a "lie and an attempt to mislead the Georgian nationals" on Wednesday.

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The National Bank of Georgia (NBG) refuted reports of an alleged termination of financial transfers from European countries to Georgia, calling the information a “lie and an attempt to mislead the Georgian nationals” on Wednesday.

In a statement, the central bank of Georgia stated that the rumour was sparked by information from a single Swedish bank about the suspension of transactions to Georgia and that the “increased risks” in the Black Sea region on the backdrop of the ongoing war in Ukraine meant a need to determine “compliance of specific transactions with sanctions.”

Moreover, the bank further added, “an example of this is the information released on the internet by one of the Swedish commercial banks about the cessation of transactions for individuals to Georgia.”

The NBG said in a statement that decisions about specific transactions are made based on the bank’s assessments and commercial policy-making procedures. In addition, other Swedish banks, as well as financial institutions from Europe and the United States, continued to make transfers in the “standard mode.”

The central bank of Georgia further stated that it conformed with all international rules and resolutions prohibiting the implementation of “any type of sanctioned operation” in the Georgian banking sector.

The Constitution of Georgia defines the status of NBG. According to the Georgian Cnstituition, it is independent of state control and is tasked with ensuring price stability.

The NBG was established on the basis of the Georgian Republican Bank of the State Bank of the USSR in 1991.

Earlier in March, NBG has also offered 50 million USD at the foreign exchange auction, of which 39.5 million USD was sold.

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