The acting President of National Bank of Georgia [NBG], Natia Turnava, and the Ambassador of Germany to Georgia, Peter Fischer, discussed the future prospects of cooperation at the meeting held today at the NBG.

The conversation also touched on the issue of the implementation of the financial sanctions imposed by the US, UK and the EU as a result of Russia’s invasion of Ukraine and the change in the procedure for the implementation of the sanctions.

As Turnava said, the NBG developed and implemented the mentioned amendment in order to fully realize the rights and freedoms of Georgian citizens guaranteed by the Constitution of Georgia. The acting President emphasized that the NBG is in constant communication with commercial banks and continues to enforce international sanctions.

“We have been cooperating with the German Central Bank, commercial banks, and various German financial institutions for a long time. We noted that we are very grateful for the support and cooperation we receive from the German government and the German financial sector. Also, we talked about the changes made by the NBG in the rules of enforcement of sanctions and different procedures for the citizens of Georgia. We clearly stated that Georgia, our financial system, the NBG, we remain faithful to our international obligations. As for a separate legal issue, enforceability, etc., we follow international practice and are ready to provide detailed information on this to all interested parties”, - said Natia Turnava.

“The topic of our meeting and discussion was Georgia’s path to the EU. We discussed institutional and economic reforms. The long-term and fruitful cooperation between the NBG and the German central bank-Bundesbank was also noted. Now, when Georgia is taking steps towards candidate status and EU membership, we want to further deepen and expand our cooperation in the future. We also talked about the recent events, and I appreciate the detailed explanation of the first vice president, which she gave me”, - added Peter Fischer.