The National Bank of Georgia (NBG) reports that 461 currency exchange booths operating in the country were inspected between 2022 and 2024, with the licenses of up to 100 entities revoked during this period.
The revocations were primarily due to violations of legislation and non-compliance with licensing conditions, the NBG said.
“The monitoring process aims to ensure transparency in currency exchange activities, maintain financial system stability, and protect consumer rights,” the National Bank stated.
The NBG plans to further strengthen monitoring and supervision mechanisms, which will include stricter control over currency booth operations as well as efforts to increase consumer awareness.
In related developments, the Prosecutor’s Office of Georgia reported that between 2022 and 2024, illegal income totaling USD 624 million and EUR 35 million was laundered. One individual, Kakha Kotorashvili, owner of a National Bank-licensed foreign exchange booth, has been arrested in connection with the case.
The National Bank continues to emphasize the importance of compliance and transparency in the currency exchange sector to safeguard both consumers and the broader financial system.
