“Georgia’s banking sector has earned the confidence of international investors, who are now convinced that our banks are fully compliant with sanctions,” said Natia Turnava, Acting President of the National Bank of Georgia, during a recent appearance on the GPB’s Business Partner program.
As Turnava pointed out, the NBG and Georgian banks have effectively navigated complex sanctions procedures, ensuring the financial system’s credibility remains intact.
“In a matter of days, we have welcomed another major American correspondent bank to our financial market. Historically, our banks have only had two primary correspondent banks, but after lengthy negotiations spanning over a year and a half, we have successfully established a new partnership.
Moreover, the American bank’s decision to thoroughly scrutinize our financial system before opening a correspondent account has now been vindicated. The fact that they have not only opened an account but are committed to continuing this relationship is a testament to our banks’ ability to manage risk and maintain their attractiveness as a partner.
As an individual, I am heartened by the prospect of restoring our relationships with international partners. As the head of the National Bank, I can confidently assert that our financial system is fully compliant with sanctions.
Of course, we must also comply with local regulations, and I am pleased to say that we have consistently managed to navigate these complexities with success,” stated Natia Turnava.
