The National Bank of Georgia is considering joining the China International Payments System, CIPS. The National Bank of Georgia reported this, noting that Natia Turnava, the bank’s head, met with CIPS President Fu Huan in Tbilisi.
According to the report, the cooperation will focus on facilitating access to the CIPS global network for Georgian financial institutions. The bank is confident that this will promote mutual payments with China and will be beneficial for Georgia’s role in the “Middle Corridor” transport project.
CIPS was established in 2015 by the People’s Bank of China and specializes in clearing international payments in renminbi (RMB), also known as the yuan. More than 4,700 banks from 185 countries are connected to the system.
These discussions follow the European Parliament’s demand that Georgia be disconnected from SWIFT due to “democratic backsliding” and allegations of election rigging in 2024.
