Georgian National Bank Governor, US Ambassador discuss Ukraine war impacts on global financial system, challenges in Black Sea region
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. Photo: National Bank of Georgia.
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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.
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The Governor of the National Bank of Georgia, Koba Gvenetadze, said the Bank had taken "decisive and timely actions" and avoided "a worse situation" in response to the global challenges "that the world in general faces today", in comments released by the NBG on Monday.
The National Bank of Georgia on Thursday said it "categorically rules out" the possibility of individuals sanctioned in response to Russia’s invasion of Ukraine carrying out “any kind of financial transaction” using the Georgian banking sector.
Koba Gvenetadze, the Governor of the National Bank of Georgia, joined a conference involving central bankers and high-ranking representatives from states across the Baltic, Adriatic and Black seas in Poland to discuss monetary policy, economic consequences of the Ukraine war and other matters on June 10.
The National Bank of Georgia on Wednesday said media reports on a fine imposed by the body on a financial institution were “inaccurate” without the context of the recipient of the penalty being only one of entities to be fined over the recent years.