The IMF mission head for Georgia, James John declares that the IMF looks forward to have dissions with the NBG and private banks, and can then make a fuller assessment, including to consider potential implications for Georgia’s IMF-supported program.
"As we said earlier, quick and appropriate NBG action helped limit the impact of Russia’ war in Ukraine on the financial sector, including by requiring banks to adhere to relevant sanctions. We have concerns regarding the recent announcement by the NBG to alter its approach to sanctions. We look forward to discussing these with the NBG and private banks, and can then make a fuller assessment, including to consider potential implications for Georgia’s IMF-supported program and our ongoing efforts to put it back on-track",- James John said.
Employees of the NBG, vice presidents Archil Mestvirishvili, Papuna Lezhava and Nikoloz Gagua quit their offices on Wednesday. Giorgi Bakradze, the adviser to the president of NBG, also left his position.
The NBG Board has nine members, though currently it is staffed with seven, among them four held by executive persons of the bank. According to the law, the board is not effective if the number of its members is less than five.
On September 19, the National Bank of Georgia lifted restricted access to bank assets and financial transactions to the US-designated former Georgian Prosecutor General Otar Partskhaladze.
