Georgian National Bank Governor, US Ambassador discuss Ukraine war impacts on global financial system, challenges in Black Sea region

Impacts of the ongoing war in Ukraine on the global financial system and challenges in the Black Sea region were discussed by Koba Gvenetadze, the Governor of the National Bank of Georgia, and the United States Ambassador Kelly Degnan on Tuesday.

Gvenetadze noted the role of the US as a “loyal supporter and partner” of Georgia, and highlighted the country’s involvement in implementation of projects contributing to the stability and development of the financial sector of Georgia.

He also stressed the importance of the International Monetary Fund's new Stand-by Arrangement, which he said would help “maintain and strengthen” the macroeconomic stability of the country.

On her part, Degnan reaffirmed the US’s support to work on “economic growth, stability and prosperity” of Georgia, and noted it would be achieved by “solid cooperation” between the National Bank and the US.

The officials also discussed measures and “specific steps” taken by the National Bank in the implementation of the international sanctions imposed on the Russian financial sector amidst the Russian invasion of Ukraine, with Bregvadze stressing the body had “acted in accordance with all international standards” to fulfil the requirements stipulated by the sanctions.