National Bank of Georgia: depositors' interests of sanctioned VTB Bank fully protected
The statement additionally highlighted the national bank of the country “continues to intensively monitor” the developments, expressing readiness to “protect the interests of the bank's depositors using international standards and instruments provided by law.” Photo: VTB Bank Georgia/Facebook.
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JSC VTB Bank Georgia, which is a part of the Russian VTB Bank Group, is solvent and the interests of its depositors are fully protected amid the sanctions imposed on the Russian financial system by the United States, European Union and various other countries worldwide due to Kremlin’s military attack on Ukraine yesterday, the National Bank of Georgia (NBG) said earlier today.
The NBG said an “action plan” had also been developed to make sure both the local branch of the private bank, and the Georgian national bank were “fully prepared for the current situation” with regard to sanctions. The former also said it was ready to provide VTB Georgia with “appropriate financial resources” in case of additional liquidity needs, adding the bank “continues to operate in accordance with the restrictions.”
Our task is to protect the interests of the bank's depositors, the citizens of Georgia, and to take care of the stability of the country's financial system, taking into account the fulfilment of conditions of sanctions,” the NBG further explained.
The statement additionally highlighted the national bank of the country “continues to intensively monitor” the developments, expressing readiness to “protect the interests of the bank's depositors using international standards and instruments provided by law.”
Sanctions imposed against VTB limit operations for major Russian banks in dollars, euros, pounds and other currencies, with the restrictions coming into full effect on March 26.
Prior to the military invasion on Thursday, Russian President Vladimir Putin recognised the independence of Ukrainian regions following a call by Russia's Security Council on the president to do so, with the Russian State Duma unanimously supporting the Communist Party's initiative to the Russian president to recognise the independence of the so-called Donetsk and Luhansk People's Republics.
The international community has condemned the invasion, expressing support for Ukraine’s sovereignty and territorial integrity, with the European Union, United States and several other countries imposing various sanctions on Russia.
The Ministry of Foreign Affairs of Georgia has urged Georgian citizens in Ukraine to follow recommendations of the Ukrainian government on security measures on the ground, after Russia moved in troops into the country on Thursday.
The Ministry of Foreign Affairs of Georgia has recommended the staff of the Embassy of Georgia in Ukraine to evacuate their family members from Kyiv, the ministry told Interpressnews (IPN) agency on Tuesday.
The Consumer Price Index in Georgia increased by 1.1 percent in January 2022 compared to the previous month, while the annual inflation rate stood at 13.9 percent, the latest inflation data of the National Statistics Office of Georgia (Geostat) shows.
The National Bank of Georgia (NBG) has decided to keep the refinancing rate unchanged at 10.5 percent at a meeting of the Monetary Policy Committee (MPC) earlier today. A “particular concern” for increased inflation was named by the bank in its comments, with the Consumer Price Index growing by 0.3 percent in December 2021 and the annual inflation rate amounting to 13.9 percent in the country.
Georgian Liberty Bank will take over some of the loans and deposits of sanctioned JSC VTB Bank Georgia, a part of the Russian VTB Bank Group, as a result of the agreement reached between the two banks, the National Bank of Georgia (NBG) announced on Thursday.
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.
The National Bank of Georgia has notified the public about an increase in the number of cases of phishing, urging customers to use caution while sharing their personal and financial data online.
The Georgian branch of Russia’s state-owned VTB Bank is leaving the Georgian market, Andrey Kostin, the President and Chairman of the Bank's Management Board, told Russian news agency Interfax.
The National Bank of Georgia has warned citizens about risks associated with companies offering “inadequately high” market benefits in a short period of time, highlighting “active use” of social media through an “intensive" advertising campaign by the groups.