04/12/2024
14:40
Economic
The National Bank of Georgia firmly rejected misinformation circulating on social media about alleged restrictions on foreign currency deposits and transfers at domestic commercial banks. The bank emphasized that there are no limitations on the conversion of deposits into foreign currency or on transferring funds abroad.
The central bank reassured the public about the stability of the banking sector, highlighting that recent policies and positive macroeconomic trends had "strengthened" it. The National Bank stated that domestic banks have ample buffers to withstand even severe shocks, with liquid assets exceeding ₾18 billion ($6.58 billion), most of which are held in foreign currency. "There is no threat to deposit services," the NBG affirmed.
If needed, banks can access additional credit lines and raise funds from foreign financial institutions. Moreover, the NBG has various tools available to support the sector if necessary.
The central bank also addressed the fluctuations in the value of the Georgian lari, attributing them to "current processes" amid ongoing political instability, including protests against the Government's decision to delay EU accession talks until 2028.
Despite these developments, the bank assured that stable inflows and strong fundamentals continue to support stability in the foreign exchange market.
In conclusion, the NBG assured customers that they could manage their deposits, and conduct foreign currency conversions and transfers "as usual." It also urged the public to "refrain from spreading and sharing this type of misinformation," warning that such actions create unnecessary panic and harm the financial sector.
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One US dollar trades at GEL 2.8468
04/12/2024