The US State Department has published a report on Georgia's investment climate for 2024. The report positively evaluates the activity of the National Bank of Georgia (NBG).
The investment climate report focuses on the effective monitoring of financial sanctions by the NBG and the important steps taken in this regard.
"Georgia does not restrict foreigners from establishing a bank account in Georgia. Several local banks are subsidiaries of international banking groups and subject to the same regulations.
For proper and efficient monitoring of sanctions’ compliance by the financial intuitions, the NBG has established a new unit which is responsible for elaboration of respective methodological guidelines for the financial intuitions on international sanctions’ compliance and assists representatives of financial sector to understand and fulfill all the requirements envisaged by the sanctions’ regimes. Compliance with international financial sanctions is systematically checked during the onsite inspections of financial institutions", - the report reads.
In addition, the report discusses the supervisory policy of the National Bank of Georgia, as a result of which the financial sector and the banking system successfully cope with global challenges.
"The banking system is stable, well capitalized, liquid, and profitable. The financial sector maintains solid capital and liquidity buffers against potential threats. The share of non-performing loans is declining. Georgia’s banking supervision practices and regulations have significantly progressed and are largely in line with Basel/EU directives", - the document reads.
