Central Bank Head: Georgia’s involvement in sanctions on Russia praised by regulators

The Georgian finance system’s joining of the international sanctions imposed against Russia due to its invasion of Ukraine has been praised by the international regulators, Koba Gvenetadze, the Head of the National Bank of Georgia said on Wednesday. 

Gventadze noted the country’s finance system was in “complete compliance” with the sanctions imposed by the United States, the United Kingdom and the European Union on Russia since the launch of its military campaign in late February.

As of today [...] we have not heard anything other than a positive assessment [by the regulators], as the [Georgian] system fully addresses the sanctions provided by these jurisdictions,” Gvenetadze said.

The Bank Head also stressed the importance of maintaining a “strict” monetary policy in Georgia, noting the tightened approach would continue until the easing of high inflation. 

The annual inflation rate in April totalled 12.8 percent, while the NBG increased the refinancing rate by 0.5 percentage points to 11 percent in late March.