"Gardabani 3" still does not have an investor

January-February was the opposite, a decrease of 430 million was noted.In the last reporting month, refinancing loans decreased by 55 million GEL (in March +190 million; February +130 million), one-day loans were no longer issued, and as of May 1st, the balance has decreased by 215 million to 35 million GEL.There are no transactions in the secondary securities market either. Activities in the secondary market have been suspended since November.Overall, the net debt of banks decreased to 2.4 billion in April, after a 400 million increase in March. At the end of February, the balance of the portfolio was 2.25 billion GEL.During the reporting period, the NBG did not apply for currency interventions (the activity of the supervisor has not been noted since November). February's net purchases on Bmatch were $77.5 million, March's - $128 million. April's net purchases are within $70 million.In February, buying and selling in the foreign exchange market almost entirely accounted for the spot transactions (98.3%) and exceeded $2.6 billion (+4.3%Y.Y).Share of the NBG in total foreign exchange trade by months (2024-2023)

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The embassy clarified that the closure of the visa application centre, situated near the parliament, was necessitated today due to ongoing protests and the police cordon in the vicinity.“The UK’s Visa Application Centre in Tbilisi, which is situated close to Parliament has been closed today due to the rally and police cordons this morning. Everyone with an appointment has been contacted. The Centre will reopen when visitor access is back to normal,” the British Embassy stated.

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Bank of Georgia Group (BGEO LN) shares closed at GBP 49.40/share (+4.55% w/w and -0.80% m/m). More than 424k shares traded in the range of GBP 46.40 - 50.20/share. Average daily traded volume was 90k in the last 4 weeks. The volume of BGEO shares traded was at 0.93% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 30.00/share (+0.17% w/w and -4.15% m/m). More than 454k shares changed hands in the range of GBP 28.05 - 30.25/share. Average daily traded volume was 81k in the last 4 weeks. The volume of TBCG shares traded was at 0.82% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 11.66/share (+0.52% w/w and -10.72% m/m). More than 312k shares traded in the range of GBP 11.20 - 11.86/share. Average daily traded volume was 67k in the last 4 weeks. The volume of CGEO shares traded was at 0.73% of its capitalization.

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In March, term deposits increased by 706.91 million GEL (+3.35%m.m), while demand deposits by 607 million GEL (+2.07%m.m).In March, the deposit ratio increased by 0.17 percentage points to 50.33%.In March, the weighted average annual market interest rate of term deposits amounted to7.25%, including 9.56% for national currency deposits and 1.97% for foreign currency deposits.The share of the USD in foreign currency deposits was 78.67%, and the share of Euro was 19.6%.Companies’ current and term- deposits are mainly placed in 5 banks. TOP-5 Banks Legal Entities’ Deposits

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USD 4 799.8 million, - according to the National Statistics Office of Georgia (Geostat).The trade deficit equaled USD 3 036.0 million and its share in trade turnover constituted 46.3%.Detailed data on external merchandise trade of Georgia will be published on 20 May, 2024.

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The Parliament starts reviewing the changes initiated by the Ministry of Economy in the pension law, which cancels Article 29 of the existing law (p. 28), which gives the pension scheme participant the opportunity to choose a private company for the management of his savings.With the planned changes, as Giorgi Gurgenidze, who worked on it, told us (the head of the insurance policy and pension reform department of the Ministry of Economy), Article 28 of outsourcing remains, which does not limit the possibility of hiring private asset managers.The draft law increases the risks of the low-risk package, in which, with the autumn changes of 2023, all beneficiaries were included, for their safety, with the motive of protection from additional risks.Instead of 0%, a 15% quota appears in the conservative package to invest in other assets. "Other" refers to the application of pension savings for a hydroelectric power station, highway, port or other large project co-financed by international financial institutions. 5%-5% is added to medium and high risk packages as well and the limit increases to 20% and 25% respectively.According to the author, the changes, which provide for the optimization of the 2-council governance system, are due to the increase of the fund, which currently disposes of 4.9 billion GEL assets of 1.3 million citizens.As of Giorgi Gurgenidze, the need to improve administrative management was highlighted in the 5th year of the pension agency's activity. According to him, the effectiveness of the 2-board governance is questioned by international practice. 1-board is considered the best standard, which increases driving efficiency.According to him, the World and Asian Development Bank are working on the change of governance model. The issue was discussed within the framework of the joint mission in June of last year.According to Gurgenidze, the IMF was also involved in the consultations, but it did not have an alternative option for governance.According to the bill, the management board of the pension fund (in the future) will be composed of 9 to 15 members. A risk management committee is introduced, replacing the existing risk department. 2 more committees will be investment and audit.The first director of the pension agency also had a note on the risk committee. According to Levan Surguladze, the risk committee should be independent from the pension agency's investment board, to which the chief risk officer will be accountable.After the transformation of the agency into a foundation, there will be no investment board.

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Since last summer, the foreign exchange investment portfolio has increased by $60 million and currently amounts to $341 million. The agency is traded on Bloomberg's Bmatch platform from spring 2022.More than half of foreign exchange investments are made in stocks, ETFs, packages of foreign corporate stocks that replicate the companies included in a stock index.At the moment, 18.9% accounts for foreign exchange investment. According to the current law, up to 20% is provided, and as Giorgi Gurgenidze, the head of the Pension Reform Department of the Ministry of Economy, said, the limit will not change even after the planned legislative changes.In the current three-package pension scheme, the share of foreign exchange is up to 20% in the low-risk (conservative), while up to 40% in the medium-risk (balanced package), and up to 60% in the high-risk package.According to the Pension Agency, 99% of savers - 1,325,453 beneficiaries own a conservative package. And only 1% comes from low and medium risk (4 835 and 5 141 participants of the pension scheme).With the newly initiated changes of the Ministry of Economy, along with deposits, bonds and shares, a new asset class, "other assets", is activated, which includes investments in infrastructure projects.The share of this category of assets in the low-risk package, according to the legislative changes, it is determined by 15% (under the current law, it is 0%). 5% - 5% is added for medium and high risk packages, respectively the limit increases from 20% to 25%.

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“Today is Europe Day!Every year, on this very day, we reflect on the journey that began with a vision for peace and cooperation and evolved into the most successful and prosperous union of 27 countries, each with different history and culture, but all bound by shared values and aspirations.For the first time, Georgia celebrates this day as an EU candidate country. This is a truly historic occasion in our shared European story.The goal is for Georgia to become a full member of the European Union with all privileges and all responsibilities of membership. For this, Georgia needs to demonstrate strong commitment to EU values and deliver necessary reforms.Later this year, the European Union will decide whether Georgia will take the next step towards membership.This opportunity exists right now. Do not miss it. The doors of our union have been finally wide open! We are waiting for you!We want Georgia with its unique culture and traditions, to become part of our European Union family. Stay on the EU path! And rest assured we are by your side on this journey.So, let’s celebrate this Europe Day and join hands to bring Georgia closer to the EU membership”, said the Ambassador.

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