Economy Minister: Georgia’s banking system “stronger than ever”

Georgian Economy Minister Levan Davitashvili on Tuesday said Georgia’s banking system was “stronger than ever” while the country was a “reliable” investment partner. 

In comments that followed controversy around the National Bank’s decree exempting the country’s citizens from international sanctions without domestic court rulings, Davitashvili claimed “peace and stability in banks” and added the domestic financial sector was “quite resilient”.

The Ministry of Economy cited the official as saying the “agitation” around the Bank was “harmful” and “politically motivated” and “damaging the reputation” of Georgia and its financial sector. 

• Georgian central bank amends int’l sanctions compliance to exempt citizens without court judgement

We are communicating with important investors in the banking sector so that our main partners have objective information about the financial sector of Georgia, that there are no risks here and that Georgia is a reliable investment partner”, Davitashvili said.

• Acting National Bank President pledges “no problems in operation”

He also said the topics “should be approached carefully” and cited potential for “damage” to the country’s financial sector through “excessive agitation”.