In this statement we provide explanation for the delays in international transfers recently reported on the Internet.

 

The financial sector of Georgia is part of the global financial system. Hence, the NBG, similar to other market participants, adheres to all international standards and resolutions that are binding for participants of the global financial system. Commercial banks have established correspondent relations with European and American financial institutions. They prioritize effective sanctions risk management so that they can keep correspondent relations run smoothly. This was one of the reasons why the financial sector immediately joined the international financial sanctions imposed on the Russian Federation and Belarus.

 

The large-scale international financial sanctions increase risks both in the region and at the international level. It is an established practice for intermediary banks to examine individual transactions and request additional information/documentation to ensure compliance with legislation and international standards. This causes intermediary banks to spend more resources and time studying individual transactions, which is completely logical and legal to ensure adequate risk management.

 

The National Bank of Georgia, as a regulator of the financial sector, safeguards the compliance with international sanctions across the country and helps maintain ongoing cooperation with the global financial system.