96.5% of Operating Markets Are privately Owned, with More Than A Third in Tbilisi

By the decision of the head of government, First Deputy Minister of Culture Maka Gurgenidze also resigned. In addition, according to another order dated July 28, the Prime Minister appointed Mikheil Kiknadze as First Deputy Minister of Culture.Tinatin Rukhadze announced her resignation from the post of Minister of Culture yesterday, July 28. In an address published on her personal Facebook page, she cited her health as the reason for her decision and noted that the current situation does not allow her to devote due attention to her beloved work.

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According to the ministry, compared to the same period last year, the volume of exported blueberries increased by 53% (by 3.3 thousand tons), and the value by 46% ($19.5 million).During the same period, the average export price of 1 kg of blueberries amounted to $6.4.According to the ministry, the main export market for Georgian blueberries is still Russia, where 91% of the exported crop - 8,736 tons of products - entered the market in May-July.498 tons of blueberries were exported to the European Union, while relatively small volumes were transported to Armenia, Turkey, the United Arab Emirates and other countries.

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According to the data of 2025, compared to the previous year, the number of registered diseases (for the first time with a diagnosis) has increased the most in the following groups: congenital malformations, deformations and chromosomal abnormalities (14.2 percent), neoplasms (12.7 percent), mental and behavioural disorders (10.6 percent), diseases of the musculoskeletal system and connective tissue (8.9 percent), diseases of the eye and adnexa (6.8 percent).From main disease groups the most common in the population are diseases of the respiratory system, diseases of the eye and adnexa, diseases of the musculoskeletal system and connective tissue, diseases of the circulatory system and diseases of the urogenital system. In 2025, the number of new cases of AIDS amounted to 562 units, which is 53 units less than the corresponding indicator of 2024. The total (cumulative) number of people living with HIV/AIDS amounted to 11 568. There were 150 deaths from HIV/AIDS during the 2025 year.In 2025, compared to the previous year, the number of new tuberculosis cases was 7.3 percent less. Morbidity with tuberculosis decreased by 12.9 percent and amounted to 1 142.In 2025, emergency care was provided to approximately 1.15 million people, of which 99.0 percent of cases were related to sudden illness.

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In June 2026, headline inflation in Georgia stood at 5.8 percent. Inflation above the target level is still primarily driven by higher energy prices. Amid the renewed escalation of geopolitical tensions in the Middle East, volatility in international oil prices has increased again. However, current market trends indicate that oil prices remain below the levels observed during the previous escalation. At the same time, the prolonged conflict has heightened the risk of indirect inflationary effects stemming from higher energy prices. The sticky inflation indicator, which better captures underlying inflationary dynamics and inflation expectations, has remained close to the target. Specifically, in June, core inflation (excluding food, energy, and tobacco) stood at 3.2 percent. However, service sector inflation accelerated to 4.1 percent, indicating that despite the moderate level of core inflation, the risks of strengthening second-round effects remain a noteworthy factor.According to the NBG's updated central scenario, energy prices are expected to remain a significant contributor to inflation this year. Consequently, average inflation is projected at 5.2 percent in 2026. From the second half of 2026 onwards, inflation is expected to decline gradually and converge to the 3 percent target over the medium term.Economic activity has remained resilient in the face of external shocks. In May 2026, based on the preliminary data, economic growth stood at 6.4 percent, while average growth for the first five months of the year reached 7.8 percent. Growth continues to be driven primarily by high-productivity, service-oriented sectors, which mitigates demand-side inflationary pressures. At the same time, in line with expectations, the adverse impact of the ongoing conflict in the Middle East on external demand has remained limited. Accordingly, under the updated central scenario, the forecast for Georgia's economic growth in 2026 remains unchanged at 6.5 percent.The geopolitical situation and its economic consequences remain one of the main risks shaping the outlook for the global economy. Against the backdrop of heightened uncertainty, in addition to the central scenario, the MPC considered both high-inflation and low-inflation risk scenarios.In the event of the realization of the high-inflation risk scenario, fundamental processes require a higher trajectory of the monetary policy rate than the central scenario. The high-inflation scenario assumes a more prolonged escalation of geopolitical tensions, resulting in a further increase in energy prices on international commodity markets. Higher energy prices will be reflected in higher domestic fuel prices and will also be transmitted to the prices of other goods and services through increased transportation and production costs. In addition, recent adverse weather conditions pose an additional risk of higher international food commodity prices. In the event of the realization of these risks, inflation would be higher compared to the central scenario.On the other hand, under the low-inflation risk scenario considered by the MPC, the realization of the risks would allow a faster normalization of monetary policy rate compared to the central scenario. In recent years, structural changes in the economy have increased the contribution of relatively high-productivity and less import-intensive sectors, which has strengthened Georgia’s external position. According to the central scenario, this trend is expected to normalize gradually, although there is a possibility that it could persist over the longer term. In such a scenario, on the one hand, higher long term potential growth would reduce demand-side inflationary pressures. On the other hand, a stronger external position and a lower sovereign risk premium would support a fundamental appreciation of the real effective exchange rate, further strengthening disinflationary impact. Furthermore, a rapid de-escalation of geopolitical tensions, leading to a faster decline in energy prices, would represent another key driver of the low-inflation scenario. As a result, headline inflation would converge to the target more rapidly than in the central scenario.Based on its assessment of the current macroeconomic environment, the updated scenarios, and the balance of risks, the MPC considered it appropriate at this stage to keep the monetary policy rate unchanged. However, given the elevated inflationary risks, the tightened monetary policy stance is expected to be maintained for an extended period. The NBG continues to closely monitor the transmission of external shocks to the Georgian economy and their impact. Should inflationary risks, including second-round effects and inflation expectations, intensify beyond current expectations, the NBG stands ready to tighten monetary policy further. The monetary policy response aims to ensure that, once the supply-side inflationary shock dissipates, inflation returns to the 3 percent target in a timely manner.The next meeting of the Monetary Policy Committee will be held on September 9, 2026.

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The meeting was also attended by Ekaterine Galdava, Vice Governor of the NBG, and Giorgi Edilashvili, Head of the International Relations Department.During the meeting, the parties discussed ongoing and planned initiatives related to the development of Georgia's payment system, consumer rights protection mechanisms, financial education initiatives, and the future prospects for cooperation between the National Bank of Georgia and Visa.Natia Turnava expressed her gratitude to Visa for its active support in developing the NBG's comparison platform for payment service fees and commercial bank deposit interest rates. Launched at the initiative of the NBG, the new platform enables consumers to compare the fees charged by various payment service providers, as well as the interest rates offered on commercial bank deposit products, helping them make informed financial decisions.The parties also discussed the Tbilisi Finance Summit, which will be held in Tbilisi for the second time on October 27–28 this year. As in the previous year, Visa is once again an active supporter of the summit.The meeting also covered ongoing and planned initiatives designed to expand access to innovative payment services across the country.According to NBG Governor Natia Turnava, close cooperation with the private sector and international partners is essential for the National Bank of Georgia to provide consumers with modern, secure, and innovative payment services.Visa has been operating in Georgia for more than 25 years and plays a significant role in the development of the country's payment ecosystem. As of June 2026, the number of active Visa cards in Georgia exceeded 1.9 million.

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The bonds were placed within the capital market support program of the Economic Development Corporation of Georgia, and they are planned to be admitted to trading on the Tbilisi Stock Exchange. Securities investors are natural persons. The coupon of the bonds denominated in US dollars was 7.5%, and the coupon of the euro tranche was set at 6.5%.Raised funds will be used to refinance existing bonds and finance future projects. With this transaction, the company significantly improved financing costs and, due to high interest, was able to attract additional resources.According to Otar Sharikadze, director of TBC Capital, the company is an active issuer on the capital market of Georgia, and taking into account this issue, it has placed bonds totaling more than $29 million and €8 million."I am glad that within the framework of cooperation we have already implemented the 4th and 5th issues. As a result, we are jointly continuing the development of the local debt capital market. This year, TBC Capital has already helped six companies to attract financial resources." In total, we placed ₾400 million worth of corporate bonds within 10 transactions, as a result of which we maintain our leading position and hold a 60% share in the local market," said Otar Sharikadze.Director of the Economic Development Corporation of Georgia, Irakli Gabriadze, emphasized that this is the second successful cooperation with "Empy Development" within the framework of the capital market support state program."When using the program for the first time, the company issued debut bonds, which is another visible example of the entry of new issuers into the capital market. I am glad that the capital market is becoming an effective tool for attracting financial resources for Georgian businesses. The corporation will actively continue to support similar initiatives in the future," said Irakli Gabriadze.According to the director of Empi Development, Papuna Katsitadze, the high confidence of investors and the success of previous issues allowed the company to return to the market with an even larger offer."It is particularly important that investors' interest in the current issue is still high. In addition, the existing investors also expressed their desire to participate in the new issue, which is another proof of high confidence in the company. "MP Development" has been developing consistently for 14 years, and it is these results that determine the growing confidence of the market," said Papuna Katsitadze.

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Lion Finance Group (BGEO LN) shares closed at GBP 117.00 per share, gaining 3.17% week-on-week and 4.09% month-on-month. More than 171,000 shares were traded during the week within a price range of GBP 111.90–117.60 per share. The average daily trading volume over the past four weeks stood at 45,000 shares, while the traded volume represented 0.40% of the company’s market capitalization.TBC Bank Group (TBCG LN) ended the week at GBP 47.62 per share, up 0.55% week-on-week and 5.87% month-on-month. Trading activity exceeded 295,000 shares, with transactions conducted in the GBP 46.44–48.72 per share range. The company’s average daily traded volume over the last four weeks was 58,000 shares, and weekly traded shares accounted for 0.53% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 41.70 per share, marking a 4.12% weekly increase and a 6.11% monthly gain. More than 200,000 shares changed hands during the period, trading between GBP 39.40 and GBP 42.05 per share. The average daily trading volume for the last four weeks was 39,000 shares, with traded volume representing 0.58% of the company’s market capitalization.

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According to the investment bank, electricity exports to Turkey in June decreased by 7.9 times in volume and 12 times in value. The increase in generation in the Turkish market was due to good hydrology and intensive construction of solar power plants.“Exports to Turkey amounted to 24.0 GWh and $0.7 million, while the average export price was 2.8 US cents per kWh (-34.4% y/y). The only exporter was ESCO, whose goal was to repay old debt,” the study notes.Galt & Taggart explains that the average electricity price in Turkey in June was 2.9 US cents/kWh (-34.4% year-on-year, +61.1% month-on-month). Such a low price significantly reduced the economic attractiveness of exports, since exporters also had to pay the transmission tariff and guaranteed capacity fee (totaling 1.5 cents). As a result, Turkey refused to import electricity from Georgia commercially.July dynamics and restored exportsThe situation changed since July - against the background of an increase in prices on the Turkish market (with an average rate of 6 US cents/kWh for July 1-20), electricity exports from Georgia resumed on July 6.In July 2026, the list of exporting companies includes: "Adjara-Energy 2007" "Energy Development Georgia" "Svaneti Hydro" "Kasleti 2" "Aisi" LLC "Austrian Georgian Development" ESCO

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