Plans to Abolish Central Bank Denied

Speculation about the planned abolition of the National Bank of Georgia (NBG) is absolutely groundless, the NBG said in a statement on October 22.

?This type of deliberate campaign against the NBG poses a serious threat to the development of the banking sector and macro-economic stability and has a negative effect on the image of the country,? the statement reads. ?It is unacceptable to politicize the NBG?s activities and we hope that in future? [the bank] will not be used for political purposes.?
 
Georgian media sources have been reporting in recent days that the government intended to abolish the NGB, which allegedly is on the verge of bankruptcy.

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