The National Bank of Georgia (NBG) has clarified that it has not made any discretionary financial transfers from its reserve fund to the government, apart from the routine annual profit distribution.

In a statement to Business Insider Georgia, the NBG emphasized that all profit transfers are conducted according to internationally recognized financial standards.

“Specifically, within six months of the end of each financial year, the Bank transfers its net profit to the Ministry of Finance of Georgia. A portion of the profit also remains in the Bank’s reserve fund,” the Bank stated.

While Georgia’s Organic Law on the National Bank permits the possibility of additional discretionary transfers from the reserve fund to the government, the NBG confirmed that such transfers have never been implemented.

“Despite having the legal authority to do so, the National Bank has never carried out such discretionary transfers. The only financial transfer to the Ministry of Finance has been through the allocation of net profits,” the Bank noted.

The NBG also reaffirmed its commitment to transparency, stating that its financial statements are reviewed by external auditors and included in the Bank’s publicly available annual report.