The summary meeting, led by Miguel Eduardo Sánchez Martín, the World Bank Programme Leader for Equitable Growth, Finance, and Institutions in the South Caucasus with Natia Turnava, the central bank Governor, centred on projects related to the payment system, with an emphasis on their benefits and integration with international systems.Participants expressed their commitment to continuing cooperation in both existing and emerging areas.As part of the mission, the World Bank experts conducted a series of workshops for NBG employees, focusing on aspects of the new instant payment system's implementation. The sessions were designed to equip staff with the necessary knowledge and tools to facilitate this transition.During their stay in Georgia, the experts also engaged with stakeholders from the domestic public and financial sectors, including commercial banks and payment service providers, to foster collaboration and share insights.
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Central Banking noted Turnava, appointed by Mikheil Kavelashvili, was the first woman to hold the position in the Bank’s history, while CFI highlighted her confirmation as a “clear commitment to policy continuity and financial stability”."A seasoned economist with extensive experience in both Government and the private sector, Turnava steps into the role at a pivotal moment, as Georgia seeks to navigate global economic and financial volatility”, the article reads.In her prior role as the Acting Governor of the NBG, she was credited with implementing “effective” monetary policies that led to “low inflation” rates and “financial stability”, CFI said."During her tenure as an Acting Governor, the Georgian lari maintained its stability - a particularly challenging task given that Georgia operates under a floating exchange rate regime”, CFI said.The British publication also emphasised the importance of Turnava’s governance in restoring investor confidence, which it said was seen as “key” for Georgia’s long-term economic resilience.
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The event was attended by the Director of the organisation, Artur Lorkowski, representatives from the body’s secretariat and diplomatic missions of member states.Genadi Arveladze, Georgia’s Deputy Economy Minister, addressed the event to emphasise the importance of the leadership role.“This is not only a responsibility but also an opportunity to encourage regional cooperation, strengthen energy security, and advance the process of transition to green energy”, he said.In his address, Arveladze highlighted focal points for Georgia’s term, including energy efficiency, alignment of legislative frameworks with EU energy regulations, and enhancement of overall energy security. He underscored the role of energy in ensuring economic stability and fostering investments and regional partnerships.“Our commitment to modernising the energy sector, aligning it with European standards, and promoting regional cooperation remains unwavering. In 2024, we made a significant advancement towards our goal for the country’s electricity market by launching day-ahead and intraday markets. This step lays the groundwork for a smooth transition to a competitive electricity market”, he said.The Deputy Minister further elaborated on ongoing projects, specifically the Black Sea submarine cable, an international project that aims to create a new transmission route to deliver green energy from the South Caucasus to Europe. He said progress was being made with the involvement of participating countries.In his turn, Lorkowski praised Georgia’s recent energy reforms and its “leading position” among member states in implementing energy initiatives.Georgia joined the Energy Community in 2017.
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The prices for mining and quarrying decreased by 3.8 percent compared to December 2024, resulting in a -0.24 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products increased by 0.9 percent, contributing 0.69 percentage points to the monthly index change. Within the group, a noteworthy price increase was registered for food products (0.7 percent) and chemicals and chemical products (5.2 percent). Besides, the prices increased for electricity, gas, steam and air conditioning by 5.3 percent, contributing 0.55 percentage points to the monthly index change.The annual PPI rate was mainly affected by price changes for the following products: Mining and quarrying: the prices were 24.1 percent higher, contributing 1.36 percentage points to the overall annual index change. Within the group, the prices were higher for the subgroup of metal ores (28.0 percent); Manufactured products: the prices increased by 6.1 percent, contributing 4.89 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: beverages (8.8 percent) and basic metals (14.9 percent); Electricity, gas, steam and air conditioning: the annual price increase amounted to 8.0 percent, which contributed 0.87 percentage points to the annual index change; Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 2.5 percent, which contributed 0.06 percentage points to the annual index growth.
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In the mentioned period, the prices for electricity, gas, steam and air conditioning increased by 5.6 percent.Compared to January 2024, the DPPI increased by 3.8 percent. The prices went up for mining and quarrying by 11.1 percent, for manufactured products by 2.8 percent, for electricity, gas, steam and air conditioning by 8.8 percent and the prices for water supply, sewerage, waste management and remediation services remained unchanged.
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The sector's staff maintenance cost in 2024 amounted to 1.294 billion GEL (2023 - 1.117 billion).This expense falls under the banks' non-interest expenses, which includes staff compensation along with inventory and operational costs, and amounts to 2.237 billion GEL as of 01.01.2025. The banking sector's staff cost (personnel expenses/income) is 22%.Banks with non-interest income (commissions, currency exchange)
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