According to the report, the NBG and financial institutions act fully in accordance with the financial sanctions imposed by the United States and others on the Russian Federation.

“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 NBG closely cooperates with OFAC, OFSI, and EU relevant bodies for receiving guidance on particular issues and resolving specific questions related to sanctions. NBG relevant units receive trainings and technical assistance from OFAC, OFSI, and the EU,” reads the report.

The NBG’s macroeconomic framework and inflation targeting regime is positively evaluated by the IMF, credit rating agencies, and other international organizations.

“In June 2021, the NBG was awarded the Transparency Award by the international publisher Central Banking. The award highlighted the improved communications on monetary policy, financial stability, consumer protection and financial education. The NBG also was nominated for the Risk Manager Award of 2021 by the same group. In addition, the NBG won Central Banking’s best Fintech policy award in 2021 and 2022. Global Finance named former-NBG Governor Koba Gvenetadze one of the Best Central Bankers for five years in a row, before his term ended in March 2023. Currently an Acting Governor is serving until a new Governor is named,” - the report reads.