Natia Turnava, Acting Governor of the National Bank of Georgia, met with Paweł Herczyński, Ambassador of the European Union to Georgia.

 

The discussion covered the amendment in the regulation on the enforcement of financial sanctions imposed by the USA, Great Britain and the European Union following Russia's invasion of Ukraine. As it was pointed out at the meeting, the purpose of the amendment is to improve the process of enforcement of international sanctions and bring them into compliance with local legislation. Acting Governor emphasized that the National Bank of Georgia maintains ongoing communication with commercial banks and international organizations. The discussion also included the need to resume the temporarily suspended program with the International Monetary Fund.

 

"We had a very good meeting with the EU ambassador. We discussed details of the regulation approved by the National Bank of Georgia. We noted that the enacted amendment serves to perfect the compliance with restrictive measures and fully harmonize with the legislation of Georgia. Once again, we reiterated that the financial system and the National Bank of Georgia remain committed to the enforcement of international sanctions. Clearly, the Ambassador had questions about this decision, and received a detailed explanation from us.

 

Also, we highlighted the importance of macroeconomic stability for Georgia, and talked about current challenges. Cooperation with the International Monetary Fund was one of the important issues. It was noted that the IMF program, that is temporarily suspended, should be restored as soon as possible", said Natia Turnava.

 

Paweł Herczyński, Ambassador of the European Union to Georgia, noted that the meeting pinpointed the importance of the NBG as a strong and independent professional state institution.

 

"We maintain constant communication with the National Bank of Georgia. We discussed the latest events around in the National Bank of Georgia. On my part, I have stressed the key importance of the NBG as a strong and independent professional state institution. Of course, we especially noted the need for macroeconomic stability for all beneficiaries of EU assistance, especially now, when in a month the European Commission will issue its first enlargement report on Georgia. One of the 12 priorities, namely the priority number 2, speaks specifically about strong state institutions. I sincerely hope that the IMF program will be restored, and that would help us to continue smoothly the cooperation and direct support to Georgia", said Paweł Herczyński, Ambassador of the European Union to Georgia, after the meeting.