Statement By The National Bank Of Georgia

The National Bank of Georgia (NBG) responds to today's resolution adopted by the European Parliament, which calls on the Council of the European Union and its Member States to impose sanctions on Georgian businessmen and high-ranking officials, including the Governor of the NBG, Natia Turnava. 

First and foremost, we would like to clarify that this resolution, like others of its kind, is purely recommendatory. 

However, we consider the European Parliament’s call for sanctions against the Governor of the NBG to be a clear example of political pressure on Georgia’s independent financial regulator. This pressure is being driven by certain local political forces, which, in pursuit of their own political agendas, are attempting to undermine the country’s economic development and financial stability. It is regrettable that they have chosen to use the European Parliament’s platform to further these objectives. 

Despite repetitive efforts, Georgia’s economic fundamentals remain strong. Inflation is below target, and economic growth is robust. The NBG’s monetary policy has been widely recognized and praised by international organizations. The Georgian financial system remains sound, transparent, and well-regulated. Banks continue to uphold high standards in combating money laundering and enforcing sanctions. The NBG’s ongoing work to align Georgia’s financial system and legislation with European regulations has consistently received positive assessments. 

Hence, any attempt to exert pressure on an independent financial regulator or to discredit the NBG and the banking sector is unacceptable and contradicts internationally recognized standards.

As an independent and resilient institution, the National Bank of Georgia will continue to fulfill its mandate under the Constitution and laws of Georgia, ensuring price and financial stability in the country.