Georgian National Bank Vice President: financial sector ensuring sanctions on Russia “very well”
He also said enforcement of the sanctions was reducing negative impacts of the ongoing Russia-Ukraine war on Georgia's economy. Photo: Nino Alavidze/Agenda.ge
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Archil Mestvirishvili, the Vice President of the National Bank of Georgia, on Thursday said the domestic financial sector was ensuring enforcement of the international sanctions on Russia for its invasion of Ukraine “very well”.
The National Bank is monitoring compliance to the sanctions imposed by the European Union, the United Kingdom and the United States, the NBG VP said, noting the financial system was “meticulous” in its monitoring of the process.
He also said enforcement of the sanctions was reducing negative impacts of the ongoing Russia-Ukraine war on Georgia's economy.
“The financial sector is taking this matter very seriously”, he said in comments.
Georgian Finance Minister Lasha Khutsishvili on Thursday welcomed an increase in the International Monetary Fund’s estimation of 2023 economic growth for Georgia to five percent, and the institution’s allocation of about $40 million in support of the country.
The International Monetary Fund on Thursday announced the completion of the second review under the Stand-By Arrangement with Georgia, with the process making about $40 million in support available to the country.
The National Bank of Georgia on Wednesday said even though inflation was “still high” in the country, the trends were following a “downward trajectory”, with the numbers expected to remain below the “target level” in the second half of the year.
The downward trend of inflation in the Georgian economy will continue in case of absence of further shocks, Archil Mestvirishvili, the Vice President of the National Bank of Georgia, said on Wednesday.
The European Bank for Reconstruction and Development has allocated €19 million for better waste management and disposal in western Georgia’s Black Sea region of Adjara, the Bank said on Monday.
Archil Mestvirishvili, the Acting President and Vice President of the National Bank of Georgia, on Wednesday said evaluations of Georgia's investment environment by international rating agencies boosted investors' and foreign organisations' confidence in the domestic economy.
Archil Mestvirishvili, the Acting Governor of the National Bank of Georgia, on Monday said compliance with international sanctions imposed on Russia for its invasion of Ukraine was “very important”, and the Georgian financial sector was taking the matter “very seriously”.
Prices of certain food products and non-alcoholic beverages decreased month-on-month in Georgia in May, while prices of alcoholic beverages, tobacco, miscellaneous goods and services increased, the latest inflation data published by the National Statistics Office of Georgia on Friday shows.
The European Union Sanctions Envoy David O’Sullivan will on Monday arrive in Georgia’s capital city of Tbilisi for a two-day visit to discuss with the Georgian authorities "issues of common interest", notably sanctions against Russia for its invasion of Ukraine and their “effective” implementation.
Maka Botchorishvili, the Chair of the European Integration Committee of the Georgian Parliament, on Monday said the country’s authorities were doing “everything” to prevent evasion of sanctions against Russia for its invasion of Ukraine through the Georgian territory.
Archil Talakvadze, the Georgian Parliament Vice Speaker, on Monday said Georgia “had not been and would not be” used to circumvent the international sanctions imposed against Russia for its invasion of Ukraine.
Prices of certain food products and non-alcoholic beverages decreased month-on-month in Georgia in June, while prices of transport, housing, water, electricity, gas and other fuels increased, the latest inflation data published by the National Statistics Office of Georgia on Monday shows.
The monthly figure of inflation in Georgia stood at -0.5 percent for July in statistics compiled using a recently adopted methodology of the European Union’s harmonised indices of consumer prices, the National Statistics Office of Georgia said on Thursday.