Conversion of deposits in commercial banks into foreign currency or the transfer of funds in foreign currency abroad will not be restricted - NBG

The National Bank rejects the information that there are any restrictions on the conversion of deposits in commercial banks into foreign currency, or the transfer of funds in foreign currency abroad.

As mentioned in the statement of the National Bank, users can dispose of their deposits, perform conversion and transfer operations as usual.However, according to the National Bank's explanation, the fluctuation of the GEL is fully determined by the current processes. On the other hand, inflows are steady and sound fundamentals ensure that stability is maintained in the foreign exchange market.

"We categorically reject the false information spread on social networks, as if there are any restrictions on the conversion of deposits in commercial banks into foreign currency or the transfer of funds in foreign currency abroad. We urge the public to refrain from spreading and sharing this type of misinformation. Every such misinformation spread creates unwarranted panic and is damaging to the financial sector. At the same time, we would like to explain to the population once again that in the light of the policies implemented by the NBG in recent years and the positive macroeconomic trends, the banking sector is now as sustainable as ever. Banks have enough buffers to handle even the most severe shock. The volume of liquid assets exceeds the equivalent of 18 billion GEL and is mostly formed in foreign currency, therefore there is no threat to deposit services. If necessary, banks have additional credit lines and the ability to raise funds from foreign financial institutions, as well as the NBG has a number of tools to help the sector if we see the need; The fluctuations of the GEL are fully determined by the current processes. On the other hand, inflows are steady and sound fundamentals ensure that stability is maintained in the foreign exchange market. Therefore, it is not true to talk about any restrictions on the provision of banking services. Users can manage their deposits, perform conversion or transfer operations as usual. Such appeals are without any basis and contribute to groundless agitation," the statement of the National Bank stated.