PM says Gov’t has built “exemplary, effective” financial system in Georgia

Georgian Prime Minister Irakli Garibashvili on Thursday claimed his Government had built an “exemplary, effective” financial system in the country and “not a single fact” of violation of international sanctions imposed on Russia for its invasion of Ukraine had been recorded in Georgia.

Garibashvili was commenting after the controversy of the decree of the National Bank of Georgia that exempted Georgian citizens from international sanctions without domestic court rulings, and said “we have nothing to worry about, neither the banking system nor the financial institutions”. 

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

The decree itself came following the United States sanctioning of Otar Partskhaladze, a former Prosecutor General, for his alleged cooperation with Russian intelligence, and caused criticism of the decision for Georgia’s prospects of cooperation with Western structures for the enforcement of the sanctions.

We have constant communication with the National Bank, as well as with other commercial banks. We have created one of the exemplary systems, and the Americans, Europeans, and British colleagues themselves, who arrived a few months ago, pointed out that the Government has built an exemplary, effective system and not a single fact of violation of sanctions has been observed”, the PM said.

The Government head called the US’ sanctioning of the former official “incomprehensible and inexplicable".

It has been 10 years since this person left public service, 10 years. [...] I would like to express my surprise as to why, in general, Partskhaladze was sanctioned”, he said.

Garibashvili also commented on critical statements by Giorgi Kadagidze, the former Governor of the National Bank, who questioned the independence of the central bank following its decree.

Kadagidze - a bandit and henchman of Adeishvili [the wanted former Prosecutor General in the United National Movement Government], robbed and terrorised Georgian banks. I remember the case of [him] trying to bankrupt Cartu Bank [during UNM Government]. Kadagidze was personally involved [in this case]. Today he comes out and talks about the independence of the National Bank. Is this not cynicism and an insult?! We will not accept any criticism from these people”, Garibashvili said.

The PM also called criticism from the opposition “unacceptable, especially from those who betray the national interests of our country”.