Georgian central bank denies rumours of termination of transactions from EU

The National Bank of Georgia (NBG) has denied the information on an alleged termination of financial transfers from European countries to Georgia, calling it a “lie and an attempt to mislead the citizens” on Wednesday. 

A statement by the bank said the rumour had followed by information from a single Swedish bank about termination of transactions to Georgia, and added the “increased risks” in the Black Sea region on the backdrop of the war in Ukraine meant a need to determine “compliance of specific transactions with sanctions.” 

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An example of this is the information released on the internet by one of the Swedish commercial banks about the termination of transactions for individuals to Georgia,” the bank added.

Decisions regarding particular transactions are made based on the assessments and commercial policy-making procedures of the particular bank, the statement from the NBG said, adding other Swedish banks, as well as financial institutions from Europe and the United States, continued to make transfers in the “standard mode.”

The NBG also said it complied with all standards and international resolutions prohibiting the implementation of “any type of sanctioned operation” in the Georgian banking sector.