Economy
Posted: 2 months ago

Georgia is Ready to Join the Single Euro Payments Area

We are getting ready to join the Single Euro Payments Area, SEPA, and transfers to the EU will no longer require correspondent banks or intermediaries, a very positive issue for our citizens, Georgian Prime Minister Irakli Garibashvili stated at today’s Cabinet meeting.

According to the Prime Minister, said organization consists of the 27 EU member states, also the UK, Switzerland, Norway, Iceland, and Lichtenstein. Every Georgian government agency is working in this direction, and three draft laws will be referrer for approval to the Parliament after the Cabinet meeting, Irakli Garibashvili added.

“I would like to share with our citizens another positive news related to integration into the EU. We are making ready to join the Single Euro Payments Area, SEPA, a framework for harmonizing transactions in the EU and the Eurozone. Its members include the 27 EU member states, also the UK, Switzerland, Norway, Iceland, and Lichtenstein. We are working actively toward this end, with the National Bank, the Ministry of Economy, and other government agencies involved. Three draft laws will be presented at today’s Cabinet meeting, subsequently to be referred to the Parliament for approval, so that relevant amendments may be reflected in legislation, also a very positive outcome for our citizens. Mister Levan Davitashvili will inform you in detail about this issue after the Cabinet meeting. Generally, I would say that transfers to the EU will no longer require correspondent banks or intermediaries, a very positive issue for our citizens,” Irakli Garibashvili stated.