The deposit portfolio decreased by 100 million GEL to 1.476 billion GEL (2023 – 1.575 billion, -6.3%Y.Y).More than 1/2 of Cartu's deposit portfolio is current accounts, of which more than 80% is in foreign currency. Term deposits also have a high dollarization rate (80%).Cartu Bank serves more legal entities than individuals, although the share of companies in deposits has decreased. It reached 900 million GEL a year ago and has decreased to 750 million GEL. As of 01.01.2025, deposits of legal entities have increased to 800 million GEL (2023 - 675 million).
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The digital bank has violated client identification/verification requirements with 3 companies, as well as in the part of document verification, which is required by the Financial Monitoring Service.The NBG President's Order No. 48/04 on the implementation of preventive measures against clients electronically has been ignored (the client's electronic identification/verification condition has been violated).The details of the transaction, information about the parties, and the client's risk level have not been properly studied. The client identification procedure has been violated.There is an additional violation in relation to 2 clients, regarding improper implementation of enhanced preventive measures. The origin of property and funds has not been studied during monitoring of business relations.In the case of the first client, the requirements of the National Bank of Georgia for assessing the risk of legalization of illegal income and financing of terrorism were violated.In the case of the 2nd client, who falls into the high risk category, is not accompanied by additional permission from the management. The law requires permission to establish or continue a business relationship (Article 18 d).
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The National Wine Agency reported that Georgia exported nearly 95 million litres of wine valued at $276.1 million to 72 countries. This represents a 6% increase in volume and a 7% rise in revenue compared to 2023.Notable increases in wine exports were recorded in the following countries: Poland: 12% (6.7 million litres), Germany: 30% (1.28 million litres), USA: 32% (1.2 million litres), Lithuania: 11% (707 thousand litres), Great Britain: 42% (425.6 thousand litres), Turkey: 62% (538 thousand litres), Azerbaijan: 34% (237 thousand litres), Canada: 16% (198 thousand litres), Israel: 2% (314 thousand litres), United Arab Emirates: 80% (70 thousand litres), South Korea: 26% (72.5 thousand litres)Additionally, Georgia exported 48 million litres of other alcoholic beverages to 56 countries, a 53% increase compared to 2023. The revenue generated from these exports reached $289 million, reflecting a 47% rise.
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“We have a very important and ambitious task in the direction of university reform. We are creating a government commission that will work on university reform. In a 4-year perspective, we must qualitatively transform the university system of higher education in our country. Today, as you know, the quality of higher education in our country is not satisfactory.The resources in this direction are very large. We must maximize all resources so that, in 4 years, we can get a qualitatively updated system. It is quite possible that, in 4 years, a Georgian student in Georgia will receive exactly the same quality of higher education as he receives in European countries. A plan must be drawn up for this, and a government commission will work on this. The deputy head of the governmental commission will be the Minister of Education, Aleksandre Tsuladze.The secretary of this commission will be Levan Izoria, who is the Advisor to the Prime Minister on Education and Science. We should not waste a single day or week. We will need intensive work in order to achieve the set goal in 4 years,” Irakli Kobakhidze said at the government meeting.
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As of the document, in 2024 the share of the top ten trading partners by domestic exports in the total domestic exports of Georgia amounted to 72.9 percent. The top partners were Russia (USD 653.4 million), Türkiye (USD 402.5 million) and China (USD 273.4 million).In 2024 ferro-alloys reclaimed the first place in the list of top export items, equaling USD 321.9 million, or 10.7 percent of total exports. The exports of wine of fresh grapes totaled USD 274.7 million and their share in the total exports amounted to 9.1 percent. The exports of spirituous beverages, occupied the third place, standing at USD 250.2 million and constituting 8.3 percent of the total exports.
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According to the document, the exports equaled 6 560.4 million (7.8 percent higher), while the imports stood at USD 16 874.9 million (8.1 percent higher).The negative trade balance was USD 10 314.5 million in 2024 and its share in external trade turnover constituted 44%.
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Georgia Capital is actively engaged in contacting the relevant US offi...
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Liquid assets in correlation with total assets have decreased in the b...
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Banks’ 91%-share in lending has increased
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Another 19,405 foreign currency loans were issued - what will the new...
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Reserves are a guarantee of the country's macroeconomic stability - Na...
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