The bonds are denominated in US dollars. The placement agent is G&T.The bonds do not have a credit rating (issuer rating: BB / stable outlook from Fitch Ratings, Ba2 / negative outlook from Moody’s).The issuer also plans to list the securities on the Georgian Stock Exchange.
1769087665
TBC Capital highlights that the improvement in the current account is mainly driven by growth in services exports, particularly in the information and communication sector.Additionally, slower import growth and increases in remittances and tourism revenues support the surplus. Including reinvestments, the current account deficit is projected at 2.7% of GDP in 2025, the lowest level recorded to date.Economic growth slowed in the second half of 2025, in line with expectations of normalization around long-term trends. For 2026, the Russia-Ukraine war remains a significant factor, with both positive and negative potential impacts on Georgia’s economy. TBC Capital’s baseline scenario projects real GDP growth of approximately 4.5% for 2026.Regarding the lari, three main factors supported appreciation in 2025: global dollar weakness, increased net foreign currency inflows, and reduced domestic demand for foreign currency, reflected in higher lari deposits and growing dollarized loans. The National Bank reportedly purchased $2.5 billion in 2025, resulting in total foreign exchange reserves of $6.2 billion and net reserves of $3.2 billion.TBC Capital notes that the lari is still undervalued against the dollar and trade partners, supporting potential further appreciation. However, a post-war scenario could temporarily reorient currency flows, which may exert short-term pressure. Considering reserve levels and the central bank’s policy to limit excessive exchange rate fluctuations, the lari is expected to depreciate only slightly in 2026.Inflation slowed from November, reaching 4% year-on-year in December 2025. TBC Capital projects inflation to rise at the start of 2026, then gradually slow from March, reaching 3.5% by year-end. Key risks include possible increases in electricity tariffs and food prices in the spring, which could affect the inflation trajectory.
1769086159
Compared to November 2025, the overall hotel price index rose by 4.3%, with the largest increases recorded in Mtskheta-Mtianeti, Samtskhe-Javakheti, and Tbilisi. Year-on-year, the index increased by 3.9%, with Samtskhe-Javakheti, Tbilisi, and Adjara seeing the most significant rises.The study reports that in December 2025, the average prices were 99 GEL for family-type hotels, 150 GEL for 3-star hotels, 245 GEL for 4-star hotels, and 504 GEL for 5-star hotels. The highest average rates were observed in Samtskhe-Javakheti (1040 GEL), Mtskheta-Mtianeti (1001 GEL), and Tbilisi (639 GEL).
1769085929
Meanwhile, the governments of Armenia and the United States have agreed on the framework for implementing the “Trump Road,” a project scheduled to begin construction in the second half of 2026.Despite these developments, officials in Armenia warn that the risk of renewed conflict remains high. Experts note that both Yerevan and Baku are eager to convince the international community that negotiations are progressing, though real progress has yet to materialize.Ahead of the June parliamentary elections, Armenian Prime Minister Nikol Pashinyan seeks to present himself as a peacemaker who will establish diplomatic relations with Azerbaijan and Turkey and open regional transportation corridors.
1769006084
According to the official statement, Zodelava is a lawyer by profession. She received her education at Ivane Javakhishvili Tbilisi State University, the University of Administrative Sciences in Speyer, and the University of Bremen. She has many years of experience working in international organizations and state institutions, having served at various times as a project manager for the German International Cooperation Society (GIZ).Until now, Zodelava served as the head of the State Grants Management Agency.It remains unknown who will succeed her as the new head of the Agency.On 20 February 2025, the Georgian Parliament approved, in its third reading, legislation establishing the Legal Entity of Public Law (LEPL) – State Grants Management Agency, which is responsible for issuing grants to civil society organizations.
1769005967
In Q4 2025, the highest number of visitors came from Russia (21.8% of total arrivals), followed by Turkey (18.6%) and Armenia (14.9%). Most travelers entered Georgia by road (56.1%), while air travel accounted for 43.2%.Overall, Georgia welcomed 6.9 million visitors in 2025, marking a 6.2% increase. Of these, tourist arrivals reached 5.5 million (+8.4%), while same-day visits declined by 2.2% to 1.3 million.
1769005862
Where Will Armenian Cargo Transit? – Aliyev Mentions Georgia
1769006084
HoReCa Sector Struggles with Loan Repayments
1768392725
Georgia exported $38.7 million worth of wine
1768569839
Georgia Spends GEL 17.4 Million on Wine Promotion in 2025
1768221758
Events in Iran Pose Migration Risk to the South Caucasus
1768306694













