The National Bank of Georgia (NBG) has stated that, aside from the annual profit transfer, no discretionary financial transfers have been made from its reserve fund to the government.

In a response to Business Insider Georgia regarding discretionary financial transfers, the NBG clarified that it distributes profits in line with internationally recognized 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.”

According to the Bank, while the current version of Georgia’s Organic Law on the National Bank does allow for additional transfers from the reserve fund to the government, such transfers have not occurred in practice.

“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 emphasized its commitment to transparency. “Our financial statements, verified and confirmed by external auditors, are included in the Bank’s annual activity report, which is publicly available on our website.”